In 2021, President Biden expanded the child tax credit from $2,000 to $3,600 and let families collect monthly payments in advance.
He had hoped to continue that in 2022, but without the passing of the Build Back Better bill, the credit returned to $2,000.
Millions of families were lifted out of poverty by collecting the extra $250-$300 each month for their children.
The payments went out once a month between July and Dec. 2021.
Now, parents are cashing in on the second part of the child tax credit with their 2022 tax refund.
CTC payment worth $175 in 2022
Will there be monthly child tax credit payments in 2022?
The payments from the IRS will not be happening in 2022 unless Congress approves it, but there are other efforts to get families child tax credits.
One way is through the Family Security Act.
This proposal comes from Senator Mitt Romney and would give families monthly payments all year similar to how it was last year.
Children up to age 5 would see $350 per month while children between the ages of 6 and 17 could see $250.
Be sure you know age limits to not miss $3,000
This would raise the child tax credit to $4,200 per year for young children and $3,000 per year for older children.
The income limit before phasing out begins is $200,000 for single taxpayers and $400,000 for joint filers.
The most that families could see would be $1,250 per month.
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