If you accepted advance child tax credits in 2021, you’ll want to know this information before you file taxes in 2022.
The advance child tax credit gave families $300 per child, per month, from June through December 2021, with a cap of $3,000 for children 6-17. The payments were essentially an advance on money you would have received in your 2021 refund.
The money you received, ahead of time, will count against your normal tax refund. In some cases, you may actually owe money. Families that received the advance credits but added children in 2021 should receive additional credit on their refund.
Make sure you do your taxes early and find out how much you owe, if you do owe, so you can pull that money together before the April 18 deadline. And if you don’t have the information from the IRS yet, you may want to wait to file.
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