Americans have seen payments every month worth up to $300 since July.
In just 4 days, they will see their last payment for 2021.
The American Rescue Plan allowed the IRS to expand the child tax credit to $3,600 per child under 6 and $3,000 per child age 6-17.
This let parents collect the first half of their payment over the span of six months.
Related: 4 major changes for the 2021 tax season, including reintroduced penalties and cash increases
If you’ve grown accustomed to collecting $300 payments every month, then you can expect one more worth the same on Dec. 15.
The second half of the credit, worth up to $1,800, can be collected when you file your tax return in 2022.
If you opted out of the payments all together, you can see your full credit when you claim your taxes in 2022.
Who can get the tax credit?
The child tax credits are available to single filers making $75,000, head of household filers making $112,500, and married couplrd filing jointly making $150,000.
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You can check with the IRS’ online tool to see if you qualify to claim the credit next year.
You can use the same tool to collect any stimulus checks you missed out on as well.
The possibility still exists that you were paid the child tax credit payments and you weren’t actually owed them.
This could be because you have a higher paying job this year that you didn’t have on your prior tax return.
This might mean you’ll have to pay it back.
Related: Want your stimulus check or child tax credit faster in 2022? Prepare your taxes to file now
What’s happening in 2022 with child tax credits?
The expanded child tax credits at this moment will expire in 2022.
President Joe Biden had originally wanted them to last through 2025.
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