MILLIONS of cash-strapped families will be sent their final child tax credit payment from today December 15.
The “stimulus” payment, worth up to $300 per child under the age of six, is expected to arrive in bank accounts within days – just before Christmas.
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The amount is $250 per child for dependents between the ages of six and 17.
December’s payment is the sixth monthly check sent to households since the advance tax child tax credits were first rolled out in July.
Child tax credit payments are available to single taxpayers with a modified adjusted gross income (AGI) of $75,000 or less. The threshold is $150,000 or less for joint filers.
The child tax credit was expanded by President Biden earlier this year from $2,000 to $3,600.
Most parents will have been sent up to $1,800 per child once December’s payments have been rolled out.
This means that families will be able to claim the remaining cash when tax returns are filed in the new year.
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In January 2022, the IRS will send Letter 6419 with the total amount of advance child tax credit payments taxpayers received in 2021.
It’s not yet known if the advance child tax credit scheme will continue next year.
Read our child tax credit live blog for the very latest news and updates…
Senators are currently debating on whether to pass Biden’s $2trillion Build Back Better legislation.
A decision could be made on the proposal at some point next week, according to Marca.
IRS officials have reportedly warned lawmakers that they need to pass the bill by December 28 if families want to receive a child tax credit payment on January 15, according to the Washington Post.
Sen. Michael Bennet, of Colorado, said: “I’m deeply concerned as it would be a tragedy if the child tax credit lapses.
“We should make sure that we don’t cancel this at the beginning of the new year. That will be a disaster.”
‘DEEP CONCERNS’
And, Ron Wyden, who serves as a senator for Oregon, added: “Our country would not accept vulnerable senior citizens missing out on a Social Security payment.
“Similarly it is not acceptable for vulnerable children and families to miss out on a child tax credit payment.”
Brian Deese, director of the National Economic Council, said: “Our view is that the child tax credit is a really important, basic support for families and that we should extend it.
“And we should extend it because it’s doing what we hoped it would do, which is dramatically reduce child poverty in America, dramatically reduce poverty in America, and give families some breathing room in a very strong but uncertain economy.”
Biden previously called for advance child tax credits to be extended until 2025.
I’m a tax expert and here’s how parents can claim $8,000 from the IRS next year
