There is an age limit for applying for the child tax credit from the IRS, and parents should know so they don’t miss out on the $3,000 available.
In 2021 millions of families received help by collecting payments for the first half of the child tax credit.
This was done under the American Rescue Act.
The money is for families with children ages 17 and under.
Families could see $350 per month for children even before birth
If your child turned 18 by the end of 2021 then they won’t get the child tax credit.
Any child they didn’t turn 18 before the end of 2021 can see up to $3,000.
The IRS used previous tax returns to figure out who could qualify before sending advanced payments.
IRS: Don’t lose your $3,600 CTC
What happens with the child tax credit if your child turned 18 before the end of 2021?
If your child turned 18 in 2021 there may be another option for you if you qualify.
Some 18-year-olds could qualify for the other dependent credit.
These individuals need to be cared for as a dependent living with their parent.
UBI: Children under 5 could get parents $350 per month
How to claim the child tax credit
If you only got a partial payment you need to outline that on your tax return to receive the rest should you qualify.
The IRS has sent letters detailing what people should have received in 2021 to report the amount accurately.
The credit was expanded from $2,000 per child to $3,600 for children 5 and under and $3,000 for older children between 6 and 17.
Parents will see the second half of what they claim in their 2022 tax refund.
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