global Tax IRS Updates Child Tax Credit FAQs February 08, 2022 Attention families…you’ll want to read up on new information regarding your child tax credit payments. We have the details here. Parents…the IRS has released new details about the refundable child tax credit…are you up to speed? Here’s what you need to know. What is the child tax credit? Check out our blog, Are You Eligible for Advanced Child Tax Credit Payments in 2021? for the details, but essentially, if you have children under age 17 at the end of a calendar year, you are eligible for a tax credit of up to $3,000 per dependent child on your return (increased from $2,000), or $3,600 for a child under age 6. Updates to IRS FAQs- Feb 2022 Question H4 (updated): How do I know if I don't qualify for the repayment protection for filers based on their income during 2021? A4. If your modified adjusted gross income (AGI) is greater than or equal to the following amounts, you won’t qualify for any repayment protection. These amounts are based on the filing status on your 2021 tax return: $120,000 if you are married and filing a joint return or if filing as a qualifying widow or widower; $100,000 if you are filing as head of household; and $80,000 if you are a single filer or are married and filing a separate return. Question 10 (NEW): What do I do if my Child Tax Credit Update Portal shows that a payment was issued, but I never received it? A10. Visit the Child Tax Credit Update Portal to ensure the payment was not returned. If you find that it was not returned and you did not receive the payment, you can contact the IRS to help you trace the payment. The IRS will then determine if the payment was not received or was returned to the IRS and update their records accordingly. You can then exclude the payment from the aggregate amount of advance Child Tax Credit payments you report on your tax return. If eligible, you will be able to claim the missing payment with your child tax credit. Questions? Contact us, we’d be happy to help.
