Families should take full use of the tax credits that are available to them, according to US Vice President Kamala Harris.
Harris stated in a speech on February 8 that if families file their taxes correctly this tax season, they would be able to recover missed Child Tax Credit stimulus payment. This was said in a joint address with Treasury Secretary Janet Yellen, who also urged people who had not yet filed their taxes to do so as soon as possible.
Remaining Child Tax Credit stimulus payment
Many families have barely gotten half of their eligible Child Tax Credits, according to the Treasury Secretary. Between July 2021 and December 2021, almost 61 million households received these Child Tax Credits, which were given to them across the country. These credits, on the other hand, were split in half.
Families will have to file their taxes if they wish to collect the second half of this money. Many families who may be in need have not yet gotten their increased Child Tax Credit as a result of this program, as per Newsweek via MSN.
By doubling the Child Tax Credit, the vice president and President Joe Biden aimed to give families and working people a little support, she said, adding that the expansion’s consequences are already causing significant changes. For additional information on the filing procedure, both Harris and Yellen advised consumers to go to childtaxcredit.gov.
You may receive a lower tax return
Per Go Banking Rates, if you were a receiver of Child Tax Credit, you could get a lesser tax refund than usual this year. As a result, you already received half of the total special benefit in monthly installments in 2021, and in this year, you will receive between $1,000 and $2,000 per child under the age of 17. Originally, families should receive at least $2,000 per child under the age of 17 as a regular refund. When the credit is reconciled, you will receive more than normal, but not all at once — as you would be used to — around tax time.
In addition, if parents’ incomes change dramatically in 2021 compared to 2020, they might expect lower tax returns. Families that filed their tax returns in 2020 or 2019 were eligible for the Child Tax Credit.
Because the CTC stimulus payments were based on previous tax returns in 2021, you will be required to repay the money if your new salary is over the tax credit income ceiling in 2021. The filing fee for a single person is $75,000, and for a couple, it is $150,000.