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3 Changes For The 2022 Tax Season

admin by admin
December 28, 2021
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3 Changes For The 2022 Tax Season

For the first time in history, the IRS sent the child tax credit as monthly payments to qualifying families. Depending on the amount of your monthly child tax credit payments received in 2021, you may receive a bigger tax refund, get a smaller refund than expected—or even owe additional taxes.  If you received monthly child tax credit payments, you must report the amount on your 2021 tax return. You should receive Letter 6419, which will state the total amount of child tax credit payments you received.

Your tax professional can use Letter 6419 and other letters to claim any remaining amount of the child tax credit if you qualify for it, says Alton Bell II, enrolled agent and founder of Bell Tax Accountants & Advisors.

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The child tax credit for 2021 is up to $3,600 for children under the age of 6 (up to $3,000 for children ages 6-17). From July to December, qualified families received up to 50% of their child tax credit as monthly payments. Some families can claim the remaining amount on their 2021 tax returns. However, not all families received the payments, some chose to opt-out.

You should keep these letters with your tax records, and you will need the information to claim the credit on your 2021 tax return.

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