It is two months since the stimulus has been stopped, and it is unlikely that there will be another extension of the expanded Child Tax Credit. The possibility of another Economic Impact Payment is also very bleak.
However, there are still some goodies that are sticking at the bottom of the pot which could be used. For example, the remnants of the 2021 stimulus aid program can add up, and thousands of dollars can come back as aid and refunds.
Households That Qualified For The Child Tax Credit
Millions of U.S. households received some or all of the $3,600 tax credit. The advance payment was received by U.S. citizens who qualified for the scheme. The money was sent in installments every month through December. However, the funds received were only half of what you owed. The other half, which totaled — up to $1,800 per qualifying dependent, will come back in the form of refunds when the taxpayer files his tax returns.
Many Families Could Benefit In 2022.
Some citizens did not receive the full Child Tax Credit or did not receive it at all. The people who did not receive the Child Tax Credit are those citizens who did not file their tax returns in 2019 or 2020. The IRS did not have the details of such citizens and therefore could not dispatch the Child Tax credit money. In addition, some citizens who lived in the U.S. for less than half the year and were disqualified by the IRS despite having a primary residence in America did not receive the Child Tax Credit. Finally, some noble souls deliberately opted out of advance payments.
Whatever the cause for not receiving Child Tax Credit are eligible for $3,600 per dependent up to six years old and $3,000 for older children.
Millions of U.S. citizens will be collecting the second half of their Child Tax Credit payments in 2022 for children they already had in 2021. The families of children born, adopted, or fostered in 2021 are eligible for the Child Tax Credit if they are in the prescribed income bracket. These are families who had new arrivals in their family last year after those payments had already been calculated and distributed. They are eligible and get the refund once they file their 2021 returns.