Washington, DC: Vice President Kamala Harris led the Biden administration’s “Day of Action” on Feb. 8 to encourage Americans to sign up for the expanded Child Tax Credit (CTC), remarking that “working families deserve a break.”
Harris was joined in person by Treasury Secretary Janet Yellen and White House American Rescue Plan Coordinator Gene Sperling, and stressed the importance of checking to see if Americans qualify for benefits. She added that those who do qualify must file their taxes with the Internal Revenue Service to receive the remainder of their CTC and Earned Income Tax Credit (EITC) this tax season.
“That is the only way to receive the second of what you’re owed,” Harris said. “So remember, you are owed more, but you still need to file your taxes.”
The White House noted in an official fact sheet on the Day of Action that families must file a tax return in 2022 in order to receive the full credit for the CTC payment. In fact, the document stated that families that didn’t receive any advanced payments for a child in 2021 can also receive a $1,400 Economic Impact Payment for each child they did not receive the payment for last year.
The EITC increased this year’s child tax credit from $2,000 to $3,600 per child under the age of six. The credit is $3,000 for children between the ages of six and 17. While half of this credit was paid out in monthly advance payments through December 2021 for each qualifying child, the other half will be paid out with this year’s tax return.
Families that welcomed a new baby or child in 2021, or who haven’t filed their taxes in recent years or opted out of advance monthly payments, could qualify for higher tax returns this year since this information would not have been counted for the payments given out in 2021.
The deadline to file taxes and also take advantage of CTC benefits in 2022 is April 18. If you’re struggling to pay high-interest credit card debt, consolidating into a lower interest personal loan could make your monthly payments more manageable and help you get back on track. (Source: foxbusiness.com)
