PARENTS were set to get the last round of this year’s child tax credit payments Wednesday, December 15, 2021, with uncertainty surrounding next year’s payments.
The current child tax credit, which was part of a $1.9trillion coronavirus relief bill signed by President Joe Biden in March, is only set to last until the end of 2021.
Congress has not yet passed legislation to ensure timely payments next year, and the Internal Revenue Service (IRS) has given it until December 28 to put forth the package.
If President Joe Biden’s $1.75trillion Build Back Better program is approved, CTC credits would be extended for another year.
To qualify, families need to make less than $150,000. Single parents who file as heads of households need to make under $112,500.
Typically, qualifying families receive up to $300 per child per month.
But CTC payments received in 2021 could affect your 2022 taxes, if you received an overpayment and the IRS…