The last payment for Child Tax Credit Schedule in the US will be paid on Wednesday December 15, 2021 with news that recipients could receive a further 1,800 dollars per child.
For those that receive their payments via direct deposit will have it on the 15th at the latest.
Now that the payments are coming to an end, there are government plans to extend the enhanced child tax credit payments.
How much will I receive in 2022 from Child Tax Credit?
Should you have received each payment between July and December 2021, you could receive up to 1,800 dollars per child aged 5 and younger.
For children aged between 6 and 17 that amount could be 3,600 euros.
On top of that, if you have missed payments from in between that time from errors or unenrolling, they should be paid in your tax refund.
Will the payments be extending?
Congress is currently debating whether or not to extend child tax credit payments past spring 2022.
House Democrats passed a 1.75 trillion dollar ‘Build Back Better’ programme on November 19, 2021 which extends child tax credit by a year.
It is very unlikely that a decision will be made by congress before 2022.
Where is my payment?
It is possible that if you have not received payments in the past due to IRS errors or outdated information, the payment may arrive in December.
If not you can apply for a payment trace with IRS or track your check to see if it is on its way.
In the case that you have had a child since your last tax date the IRS will not have your information as up to date so you will not receive any money until filing your taxes next year.
Will these payments affect next year’s taxes?
Child tax credit payments may affect your taxes in a number of outcomes:
- You were overpaid and the IRS did not adjust later payments so will have to pay this back
- If you received payments that you weren’t due then you will have to pay the IRS back
- Failure to notify the IRS of your new income will alter your tax in accordance to whether your income rose or fell
- Opting out of payments this year may make pay-outs larger next year
- Receiving money for children turning 18 at the end of 2021 will have to be repaid