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Child Tax Credit: Will the credit be extended again in 2022?

At the end of 2021, millions of American children were lifted out of poverty following the advanced child tax credit payments. Now, families are struggling.

cash from the child tax credit

In 2021, the American Rescue Plan was passed by Congress and let people receive the first half of their child tax credit in advance.

In addition to receiving the credit ahead of time, the amount was expanded.

The CTC t is normally worth $2,000, but last year it was $3,600 for kids 5 and under and $3,000 for kids ages 6 to 17.

Poverty linked to the credit as new proposals come forward

Families saw the first half of the credit spread out in six payments from July through Dec. 2021.

Parents of younger children saw $300 per month while parents of older children saw $250 each month.

Child Tax Credit in 2022

After the advanced payment greatly helped families, many are asking for advanced payments again.

Family Security Act and possible $350 monthly payments

After they ended in 2021, families are now able to claim the second half of their credit.

They can do this on their tax return.

President Joe Biden had originally hoped to continue the child tax credits the way they were last year into 2022.

This would have been done with the Build Back Better bill. It did not pass at the end of 2021 like originally hoped.

When will CTC monthly payments start again?

While this does not appear to be moving ahead quickly, Senator Mitt Romney had another proposal that would would similarly to the child tax credit.

Under the Family Security Act, families would see monthly payments throughout the year for their children based on their age.

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