Americans survived on child tax credit payments in 2021, which lasted from July to Dec. Now, it looks like they’re done.
In all, parents collected 6 payments worth as much as $300 each.
These payments were an advance on the first half of the child tax credit for 2021.
In 2022, parents can claim the second half, worth up to $1,800.
2021 child tax credit payments
The American Rescue Act passed in March. This had various stimulus packages for Americans to utilize.
The biggest, and most talked about, was the advanced child tax credit payments
Parents with children under the age of 6 could collect up to $300 per month if they met the income requirements. They could then claim the second half, amounting to $1,800, on their 2021 tax return.
Families with kids ages 6-17 could get payments worth $250 per month. They can claim the second half, $1,500, on their tax returns.
When will the next child tax credit payment be?
While there is no answer for when advanced monthly payments may begin again, the next official payment is when you get your tax refund.
What you get depends on what you received in 2021 as well as any changes that may lower or increase what you’re entitled to.
Some parents opted out of the payments entirely.
This could be because they wanted to see one full lump sum in 2022, or because they were worried something changed and they’d end up owing money.
Biden wanted to extend the expansion until 2025, but settled for one more year with the Build Back Better bill.
Unfortunately, that has not passed.
The American Rescue Plan reduced childhood poverty in America by over 40% through the expanded child tax credit. It helped millions of families to survive. Unless Build Back Better is passed, the expansion will end and we will see a huge increase in childhood poverty. https://t.co/on2c71b3oP
— Bernie Sanders (@BernieSanders) January 3, 2022