All of the expanded child tax credit advance payments have gone to families, but there’s more money where that came from. All you need to do is file a tax return – ideally at the start.
As part of the US bailout last year, the Biden administration authorized a significant expansion of the child tax credit for 2021. Under the new law, the maximum value of the credit increased to $3,600 (instead of $2,000) per child, depending on their age. and family income level. The expansion also directed the IRS to send half the credit to eligible parents and caregivers in the form of six monthly payments, the last of which came out in December.
The families of 61 million children received the advance payments, according to the White House. Now, to get the other half of the money, they have to file a tax return, even though they normally don’t have to.
“Our message today is simple,” Vice President Kamala Harris said in prepared remarks on Tuesday. “If you qualify for the Child Tax Credit and the Earned Income Tax Credit, we want you to get those credits. And you know why: working families deserve a break.