Some families that have found themselves struggling since the start of the pandemic will be happy to see up to $1,800 tomorrow.
Dec. 15 is the final payment for the child tax credit payments. If the expansion is not extended for 2022, it will be the final one.
Parents that have been collecting payments all along have received monthly installments of up to $300 for kids under 6. $250 was given for kids ages 6-17.
Related: There are just days remaining for lawmakers to extend the child tax credit payments
Families that don’t file taxes had the ability to opt in using a tool called GetCTC.org as long as they made under $75,000 single or $150,000 married.
The only way for the IRS to know if you qualified was to send the advances based on your 2020 or 2019 tax returns.
If you opted in last minute, you’ll be given the payments you missed in one lump sum tomorrow.
Related: In just four days parents will see the final child tax credit payment worth up to $300
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Once you collect the final payment, you’ll be able to claim the second half of your credit on your 2021 tax return.
This year the credit was raised to $3,600 from $2,000 per child.
Will there be child tax credit payments in 2022?
It is currently unknown if there will be payments in 2022 the same way there were in 2021.
Related: Want your stimulus check or child tax credit faster in 2022? Prepare your taxes to file now
The IRS has notified lawmakers that if they want an extension for 2022, a decision needs to be made by Dec. 28. This would allow the IRS enough time to send payments on Jan. 15, 2022.
Lawmakers in favor of passing an extension under the Build Back Better Act compare the importance of child tax credit payments to Social Security payments.
President Joe Biden originally wanted the payments to last through 2025, but ended up trying to extend them through just 2022 after facing opposition from some lawmakers.
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