Families that qualified for the expanded child tax credit payments may also qualify for stimulus payments worth as much as $8,000.
The money would help families offset the expenses necessary with raising a child.
If you only have one child, you could get up to $4,000.
The child and dependent care tax credit
The $8,000 is part of the child and dependent care tax credit.
The credit is meant to cover the costs of child care expenses like transportation, baby sitters, and things like classes.
The credit is determined using your income and a percentage of expenses you would end up with for caring for the child or children while you work, look for work, or complete school.
In order to apply you need to file a Form 2441 to the IRS.
The child and dependent tax credit was not always this much. It was raised significantly as a provision of the American Rescue Act in March.
Up to $4,000 for one child or $8,000 for two or more children can be claimed.
More taxpayers have become eligible to claim the credit this year as well.
This comes just in time after the final child tax credit payment went out on Dec. 15.
The expanded child tax credit, which bumped the amount you can claim to as high as $3,600 from $2,000, will expire in 2022.
The remainder of the child tax credit money that parents did not see in 2021 may be claimed on their tax returns in 2022.
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