Child Tax Credit For Your 2021 Taxes

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Real Estate

            Tax season is beginning, and this year your taxes might be a little different.

            If you were the recipient of the advance Child Tax Credit payment, the IRS will be sending you an alert called Letter 6419. This letter will be necessary when preparing your 2021 tax returns and keep it with your tax paperwork for any future reference.

            The monthly payments last year were designed to represent only half of a family’s estimated total credit, so families who received the advance tax credit need to file a 2021 income tax return to collect extra money that’s owed. The Letter 6419, according to the IRS, will include the total dollar amount of the monthly advance credit that you received in 2021 as well as the number of qualifying children used to calculate the payments. If you had a baby or adopted a child in 2021, you will not have received those advance payments and you will need to claim them on your 2021 tax return.

            The payments were supposed to be for the first six months of 2021; if you received money from July through December last year, you’ll need to compare the payments received with what you are qualified to get based on your 2021 income and family situation.

            If you have not received the Letter 6419 by the time you are preparing your taxes for filing, you can always check the amount of the payments by using the child tax credit update portal at IRS.gov

 

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