MILLIONS of American families could receive up to $3,600 per child when filing taxes this year.
Parents who opted out of receiving child tax credit advance payments will pocket the full amount in the coming months.
Most families will have received six monthly payments worth up to $300 per child after the expanded program rolls out in July.
President Biden temporarily increased the amount from $2,000 to $3,600 last year.
Families with children ages 6 to 17 could receive up to $3,000 per child when they file their taxes.
Americans may have opted out of advance checks because they wanted to get the money in one big payment so they could pay for a vacation or a car.
Parents may also be worried about having to pay back some of their money.
The Child Tax Credit was an advance payment of the estimated 2021 money, meaning it was highly dependent on your 2020 or 2019 income and your household size.
But lawmakers have shielded low-income parents from potential overpayments.
No child tax credit payments are expected to be issued imminently after Democratic Sen. Joe Manchin revealed he could not support the President’s Build Back Better legislation.
Read our Child Tax Credit live blog for the latest news and updates…
But, White House officials are reportedly working on plans to help the families.
Publicist Jen Psaki speculated that a larger check could be sent in February if families miss payments, according to BGR.
She said: “If we do this in January, we have discussed with Treasury officials and others the possibility of making double payments in February.”
Commentators say it might be harder to push legislation through Congress in 2022 because it’s an election year and Republicans might not have much incentive to give Biden “victories.”
Internal Revenue Service (IRS) bosses have warned Americans not to throw away a letter that will help them receive their full tax credits.
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It is understood that the letter will be sent in an envelope marked “Important Tax Document”.
The IRS says, “To help taxpayers reconcile and receive all of the 2021 child tax credits to which they are entitled, the IRS began sending letter 6419, 2021 advance CTC, in late December 2021 and will will continue until January.
“This letter includes the total amount of child tax credit advance payments taxpayers received in 2021 and the number of eligible children used to calculate the advance payments.
“People should keep this letter and any other letters from the IRS regarding child tax credit advance payments with their tax records.”
Families who received advance payments are asked to compare the checks they received last year with the amount they can properly claim on their tax returns.
Parents can also access the tax credit update portal online via IRS.gov to access the information.