Wnot me Child Tax Credit payments to be sent in January, many families around the United States would have worried about income. But everyone can rest assured that more money will come in when the tax returns are filed.
Filing taxes in 2022 gives you the chance to make up for some of the money you didn’t receive in 2021, and those who, for example, opted out of the payments or had a baby late in the year will be told that there is a lot of money that they should receive.
How much child discount do you get with your tax refund?
If you and your family meet the eligibility requirements and you have received every payment from July to December 2021, Child Tax Credit payments will likely be $1,800 for each child five or younger when the 2021 taxes are filed, or $1,500 for children between six and 17 years old.
People who opted out of payment before the first check went out will receive the full amount in one lump sum, up to $3,600 per child six years of age or younger and $3,000 per child under 17.
Will this affect taxes in 2022?
The child tax credit payments could affect the 2022 taxes in some way if:
- You paid too much and the IRS has not adjusted the amount of your last payments.
- You have received payments that you did not qualify for.
- Your income has changed and has not been reported to the IRS.
- You have opted out of last year’s payments, which makes the years 2022 longer.
- You received money for a child that you turned 18 last year, that money may have to be repaid.