Thanks to the Child Tax Credit program, eligible families was able to look forward to a financial aid every 15th day of the month. The Internal Revenue Service (IRS) said the last of these payments should be sent out on Wednesday, December 15.
Afterward, recipients must complete a specific set of conditions to receive their Child Tax Credit 2022.
The Child Tax Credit officially started in July. This program issued payments up to $300 for every child under six and $250 for each child aged six to 17. Ultimately, parents can claim up to $3,600 from this program.
Child Tax Credit Payment Dates
Note, however, that only half of the full payment is released for advanced CTC. To clarify, families can only receive up to $1,800 in 2021. The other half of the payment will be released next year after families submit their 2021 tax returns. So it is important to be aware of the Child Tax Credit payment dates.
According to Fortune, the last round of Child Tax Credit payments is scheduled to drop this week. The payments should automatically be credited to a registered bank if the information is available on the 2020 tax returns. If not, the payments will be sent via paper check, which could take a few weeks of delay.
It is also important to keep in mind that there are eligibility requirements for the CTC programs. Single filers must have an adjusted gross income (AGI) of less than $75,000 per year, and couples jointly filing must have an annual income of $150,000 or less. Falling outside these categories will invalidate the CTC payments.
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How to Get Child Tax Credit 2022 Lump Sum
After receiving the Child Tax Credit payments for this year, recipients have to wait until April 2022 to receive the rest. As previously indicated, they must submit their 2021 tax returns to receive the remaining half of the payments, which should be paid in a lump sum.
However, be warned that the eligibility requirements might affect the 2022 CTC payments. If recipients experience a change of income status or the registered child falls out of their age bracket, the Child Tax Credit payment might also change in amount. This implies that families should no longer expect the full $1,800 payment.
Will Child Tax Credit Get Extended?
It is also worth noting that lawmakers are currently scrambling to extend the Child Tax Credit payment. They hope to send out another payment for January 15, 2022. According to Marca, Democrats are still locked with ongoing debates against Republicans for the extension.
The IRS warned that Democrats only have until December 28 to approve the legislation. If they miss the date, then the extended Child Tax Credit would have to start sometime February 2022 at the earliest.
Unfortunately, too many lawmakers are worried about the cost of this extension. The plan is part of the Build Back Better program, which already costs $1.75 trillion.
The situation is still progressing, so it is hard to determine whether the Child Tax Credit would get extended for 2022. Americans are recommended to monitor the news closely. More updates should be made available in the coming weeks.
