Last year there were many changes to the tax world in the form of stimulus payments. This came in the form of economic impact payments and child tax credits.
The IRS recently shared and update to claiming your funds for the child tax credit.
The child tax credit was changed in numerous ways for the 2021 tax year.
Child tax credit stimulus money explained
People claimed the first half of the tax credit in monthly payments between July and Dec. of 2021.
The second part can be claimed on their 2021 taxes in 2022.
This means if you do not normally need to file taxes, you will in order to claim the rest of your credit.
The IRS has shared some guidelines related to the stimulus CTC
How you can claim the credit:
- They have not turned 18 by Jan. 1, 2022
- As long as they’re the child, foster child, sibling, step sibling, half sibling, or descendent of the taxpayer
- They didn’t cover half of their own support
- They lived with the taxpayer for more than half of the year
- As long they’re claimed as a dependent
- The child is a U.S. citizen, national, or resident alien.
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