Because of the high levels of child poverty, the U.S. government several years ago implemented a child tax credit for children under 17, where families can claim it to support their growing children.
In the aftermath of the pandemic, many people have wondered if there is still financial support from the government for qualified cases requiring the child tax credit.
Does the child tax credit still exist?
This system has undergone several modifications throughout its development to reduce child poverty on a large scale. It is known that in 2018 it helped 3 million children move out of poverty.
By 2021, due to credit extensions will lift approximately 20% of the U.S. child population out of extreme poverty. But it is expected that if all qualified people had claimed the credit, the figure would have been 40%.
On December 15, 2021, the government eliminated the child tax credit payment because it had brought many positive changes to the country.
Moreover, President Biden would not have requested that it be extended again.
But in turn, if parents have taxes to file from 2021, they would be able to get the payment due to them from that time. The only exception is those who wish to receive the child tax credit.
However, there is certainly a way to obtain another extension of the credit for those who qualify. It is known that families need to express their gratitude and ask a lot for the extension of the system until they are heard.
Is there any other way to file taxes to get the CTC?
If you are a person who is not used to filing taxes, you can use the code for the American get CTC tool. A quick and easy way to file your 2021 taxes and get the remaining child tax credit.
You will only need to fill out one form in which you won’t waste more than 15 minutes, and you won’t have any tax documents on hand.
But how do I know if my children qualify?
Any child that you have supported or that was under your care, while you did not earn more than $200,000 a year, means that they will qualify for the child tax credit. In addition, it also applies to any children you were caring for at the time.
Or if you had a baby born in 2021 and couldn’t claim the child tax credit because you were disabled or didn’t know about it, you probably qualify for it.
Instead, if you are a family, you need to have a reported annual income of less than $400,000 to qualify for the refundable type credit.
How much money do you receive for the CTC payment?
In the last year of their payments, the child tax credit has been increased, for children under 17 years of age $3000 and for children under six years of age $3600; the figures represent an increase compared to previous years when it was between $2000 and $3000.
It is necessary to emphasize that if you only got an advance payment of the child tax credit (6 months, from July to December), you can use the simplified tax method to claim the other part of the credits owed.
On the other hand, if you have not received any child tax credit, you can file simplified taxes to receive the full payments made in a single billing, but it is necessary to file the taxes.