Update on the Child Tax Credit for 2022 – Automatic payments of up to (dollar)2,000 are still ‘there’ after 2021 checks were stopped.
NEW PAYMENTS MAY BE ISSUED TO COMPENSATE FOR MISSED CHILD TAX PAYMENTS IN JANUARY.
President Joe Biden is working on a bill that, if passed, would reinstate the payments and compensate parents for the money they won’t see in January, according to White House Press Secretary Jen Psaki.
“If we get it done in January, we’ve discussed with Treasury officials and others the possibility of doing double payments in February,” she said.
Following the end of direct 2021 check boosts, families may receive new “(dollar)3,600 stimulus” payments when their tax returns are filed this year.
Although most families received six advance child tax credit payments worth up to $1,800 per child in 2021, they could now receive up to $3,600 per child under the age of six when their tax returns are filed in April.
The payments are made as part of the tax credit for children and dependents.
The credit is intended to assist families in covering other costs associated with providing care and support for their children.
Parents with children aged six to seventeen are eligible for up to (dollar)3,000 per child.
For the latest news and updates, visit our Child Tax Credit live blog…
Continued child tax credit
The child tax credit covered half of qualifying expenses up to $8,000 for every family earning (dollar)125,000 or less for the care of a child under 13 or a spouse, parent, or other dependent who is unable to care for themselves.
A family can receive up to (dollar)16,000 in expenses if they care for two or more eligible dependents.
According to iHeart, it will cover up to 20% of expenses for families earning between (dollar)125,000 and (dollar)183,000.
Explained: Child Tax Credit
The CTC is “a credit allowed for a percentage of work-related expenses incurred by a taxpayer for the care of qualifying persons to enable the taxpayer to work or look for work,” according to the Internal Revenue Service.
The IRS began distributing money to eligible families from July to December 2021, with the child tax credit worth up to (dollar)300 per month for each child under the age of six and (dollar)250 for each child aged six to seventeen.
Manchin claims to have been “unambiguous” about his position on the issue.
“Joe Manchin tells me he’s been’very clear’ about his position on the child tax credit, and he still wants a work requirement,” Business Insider reporter Joseph Zeballos-Roig tweeted.
‘I think there should be a work requirement,’ Manchin said just now.
That means you’ll have to submit a 1099 form.
I’ve been very…
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NEW: Sen. Joe Manchin tells me that he’s been “very clear” about his position and he still wants a work requirement for the child tax credit
— Joseph Zeballos-Roig (@josephzeballos) January 4, 2022