Any families that received advanced payments on their child tax credit can expect a letter soon from the IRS.
36 million families in all will be sent a letter, which is necessary to hold onto until it’s time to file your taxes in 2022.
The Letter is called Letter 6419: 2021 Child Tax Credit. It details how much a household received as well as verify the number of children in the family.
Another letter specifically for Americans who received the third stimulus checks will also be going out ahead of tax season.
The goal of the IRS is to send out the letters and avoid errors on tax returns that could delay the process.
Child tax credits on tax returns
Families that may have been eligible but opted out of the payments, or never enrolled because they don’t file taxes, can claim the full amount on their 2021 returns.
Different reasons caused some to opt out, like wanting the money all at once or avoiding the potential of owing it back to the IRS.
If parents are collecting it for the first time, they’ll see $3,600 for children under age 6 or $3,000 for children between the ages of 6 and 17.
Anyone that had a newborn baby in Dec. will see the full amount as well.
In order to qualify, parents need to have an income of less than $75,000 if filing single or $150,000 if filing jointly.
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