Families received half of their expanded 2021 credit on a monthly basis and the other half will be received once they file their taxes. The enhanced portion of the child tax credit program has since lapsed. For tax year 2022, the child tax payment reverts to $2,000 annually per qualifying child, which in 2022 expands age eligibility to 17 year-olds.
The Biden administration has proposed extending the enhanced child tax credit for an additional year in its roughly $2 trillion social spending plan, but that bill is stalled in Congress.
“As tax filing season begins, Treasury’s priority is ensuring that eligible families are able to receive the full Child Tax Credit,” Deputy Secretary of the Treasury Wally Adeyemo said in a written statement.
“This relief has helped families pay for essentials when they needed it most and by getting the second half, or the full amount, of the credit millions of children can continue to benefit,” he said.
On a Monday call with reporters and tax professionals, IRS Commissioner Chuck Rettig reiterated the importance of taxpayers filing accurate tax forms electronically and the efficiency of requesting direct deposit refunds.