Households are waiting to hear whether or not the child tax credit expansion will extend next year.
Millions of Americans benefitted from the monthly payments that began in July of this year, with many children being lifted out of poverty.
Parents are currently waiting for their final payment for 2021, set to be sent Dec. 15.
What’s happening with child tax credit payments in 2022?
Payments are worth up to $300 per month for parents that have been receiving them the entire time, and if it isn’t extended into 2022, it will be the final payment.
Right now the Senate is debating the passing of President Joe Biden’s Build Back Better legislation.
The IRS has made it clear that any changes need to be passed by Dec. 28 in order for there to be adequate time to send a child tax credit payment on Jan. 15, 2022.
Biden originally wanted the extension to last until 2025, but if passed, it’ll last until the end of 2022.
Related: Want your stimulus check or child tax credit faster in 2022? Prepare your taxes to file now
Parents are able to receive the first half of their child tax credit during 2021 before claiming the second half on their taxes in 2022.
The credits were expanded from $2,000 to $3,600 for kids under the age of 6, and $3,000 for those ages 6-17.
Parents getting the full amount for kids under age 6 have seen $300 per month, and those with kids ages 6-17 are seeing $250 per month.
Anyone who opted in by the deadline of Nov. 15 will see a lump sum of all of their missed monthly payments worth up to $1,800.
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