Last year, a generous child tax credit provided qualifying parents with up to $3,600 per child. For families who missed out on some of all of the child tax credit payments, there’s no need to stress.
Don’t Miss Out On The CTC Payment
There’s good news for families who missed out on the payments for the child tax credit. Families who received advance monthly payments in 2021 can file a tax return to get the rest of their payments. Generally, this is $1,800 per younger child and $1,500 per older child, the nonprofit explains.
Those who did not receive monthly payments in 2021 can file a tax return to get their total CTC payments, which generally add up to $3,600 per younger child and $3,000 per older child.
Why Didn’t I Get Child Tax Credit Monthly Payments In 2022?
Monthly payments of the CTC started in July 2021 right after Congress passed the Coronavirus Relief Package, which made significant expansions to the credit. This is actually applied only in 2021. Families can still receive the second half of their payment by filing their 2021 tax return but unfortunately, the CTC expansion wasn’t renewed for 2022.
Post-November 15 Deadline, You Can Still Claim!
Those who are eligible for the child tax credit actually have up until 3 years after the initial due date. Thing is, you would have to go through a couple more steps. A must-do action is: Filing tax returns for the years in question. Families who received the monthly child tax credit payments may not realize they need to file to get the rest of the money they are eligible for. Even if you got advance payments, you have to file a tax return to get your remaining tax credit.
Resolve Your Tax Bills
If you’ve found yourself in a nasty mess with the IRS, take a deep breath. For taxpayers who may have difficulty paying off an excessive amount of tax debt, there’s a new and improved relief program that consolidates many major relief programs into a one-size-fits-all assistance program. Any issues regarding back taxes, unfiled years, or any other tax-related problems may be solved through one program; the IRS Fresh Start Program!
How Simple Is Qualifying?
Considering that the Fresh Start Program is a federal program, you would think meeting the qualifications may be very difficult, but really, it’s a lot simpler and quicker than you think. Take the following steps in order to find out if you are eligible in as little as 3 minutes.
- Fill out some basic information about yourself and your back taxes here.
- Have a representative reach out to you to discuss your eligibility.
- Go through the enrollment process and finally reduce or eliminate your tax liabilities.