Here’s How Parents May Qualify For The $7,200 Child Tax Credit In 2022
I don’t know about you, but that extra monthly money for the advance on the Child Tax Credit has come in really handy for the last 6-or-so months.
If you have kids, but haven’t gotten your monthly tax credit (or opted out of it) you better go get on that before it’s too late! You have “until Nov. 15 to sign up to receive a payment in December.”
As helpful as the money has been, it would be even better to get an extra $7,200 in Child Tax Credit next year, AMIRITE?!?
Some places are reporting that a $7,200 Child Tax Credit is indeed a possibility for the coming year, although nothing official has been reported so far.
I’ll just be over here crossing my fingers and toes that this Tax Credit comes to fruition.
According to Yahoo Finance, there is a possibility that we may actually see this Child Tax Credit in the near future.
So, we already know that families with children under the age of 17 qualified for this advance on the 2021 Child Tax Credit, and have been receiving it in monthly payments since July.
This actually amounts to HALF of the credit you earn, and the other half will be served up in a nice hefty check (or it will go toward your taxes) when you file your 2021 taxes.
Those who aren’t getting the monthly payments will receive the FULL AMOUNT of the Child Tax Credit when they file their 2021 taxes.
BUT, if lawmakers choose to extend the “expanded child tax credit credit into 2022 with no reduction in the current credit amount,” some families would be eligible for two payments on the child tax credit in one year.
Whether you got the monthly payouts or are getting a one-time lump sum, if the lawmakers extend the Child Tax Credit, you would get SOME money in 2022.
And, any financial help would be good in my book!! These kids are growing like weeds, and I could definitely use some help feeding and clothing these little monsters cuties.
On Tuesday, President Biden met with those in charge of passing the extended Child Tax Credit, and pushed for “a minimum one-year extension of the monthly advance payments.”
No word yet on what exactly will happen, but let me go on record as saying THANK YOU to President Biden for making the effort for all us struggling parents.
We will let you know as soon as we get further word on this extended Child Tax Credit.
