Get Up to $3,600 on the Child Tax Credit—Even If You Already Missed It

(Charise Wilson/Shutterstock)

After the American Rescue Plan Act of 2021 had passed, it included money for needy families with children. The expanded child tax credit (CTC) enables families to receive up to $3,600 per child, but only through the end of the year. Then the credit reverts to $2,000 per child.

The plan raised the amount of money that families with children would receive in 2021. Many families nationwide were undergoing hardship because of the pandemic. The increased amount was given to help poor families—and anyone with children.

The Expanded Child Tax Credit

The U.S. Treasury reveals that the Child Tax Credit was increased from $2,000 to $3,600 for children under 6, and $3,000 for children 6–17. The original amount only included children under 17, but the new program included 17-year-olds.

The limited responses to claim the extra money reveals that many parents who could receive the CTC were probably unaware of the offer. For those who have missed out on the opportunity so far, there is still a chance that they can claim the dependent care tax credit. CNBC states that as many as four million people may be eligible to get the credit.

Limited Time to Apply

If you believe you are eligible for more money, you need to apply—but you should not wait long. You have until Nov. 15, 2022, to do so.

You do not need to worry about the money interfering with any current financial aid you already receive because the CTC is given to help, not hurt, your financial situation. It will not affect aid programs such as Supplemental Security Income, Temporary Assistance for Needy Families, Special Supplemental Nutrition for Women, Infants, and Children, or the Supplemental Nutrition Assistance Program.

People that do not normally file a tax return are also eligible. The Internal Revenue Service lists the qualifications for the dependents:

• The child must be younger than 18.
• The child must have a valid Social Security number—one that allows them to get employment in the United States.
• The dependent must be a U.S. citizen, a U.S. national, or a U.S. resident alien.
• The dependent can be almost any relative: son or daughter, brother or sister, foster child (eligible), stepbrother or stepsister, half-brother or half-sister, or a descendant of one of the above.
• They must have lived with you for at least half a year.
• They cannot have provided more than half of their financial support.
• You must be able to claim them as a dependent on your tax return.
• The dependent cannot file a joint return with their spouse for the year and cannot file a tax return to claim a tax refund or for estimated tax paid.

Even people that make a higher income than most may apply. Although there are income limits—they are set quite high. Singles may apply if they make up to $75,000. Married couples filing a joint return can make up to $150,000, and a head of household can make up to $112,500. Some people with even higher incomes may also be eligible for partial credit.

Some Child Tax Credit Money Already Given

Many households have already received advance tax credit payments in the last half of 2021. If you have not received the full amount now available for your children, you are invited to apply for the balance of the child tax credit you have not yet received.

If you do not want to receive the monthly payments for your CTC, the White House says you have the option to get the total amount in a lump sum. You can get it after you file your income tax return.

The Child Tax Credit Can Reduce Your Taxes

The CTC can also help to reduce your taxes—if you owe them. Since it is a credit, you get the money whether or not you owe taxes. You can use the credit amount to reduce your taxes, and—if the credit is more than the taxes you owe, you get the balance.

Apply for the Child Tax Credit 2022

Anyone that qualifies for the child tax credit can sign up for it—even if you do not regularly file a tax form. You will need to file form 8812 and fill out Form 1040 or 1040A, along with a Child Tax Credit form.

In order to make it easy to apply for the CTC, the White House has agreed to work with an organization called Code for America so that people can easily and quickly apply. The website also says that even if you miss the Nov. 15 deadline, you can still get $3,000–3,600 per child by applying for it in next year’s tax forms.

If you have missed some payments that you are qualified for, by applying and sending in your 2022 tax forms, you can still get the full amount.

Get a Missing Stimulus Check, Too

If you did not get a third stimulus check—or any other ones—you can also apply for it at the Code for America site.

The Child Tax Credits were approved for 2022 by the American Rescue Plan. It expanded the credit, but it was only for an additional year. Although President Biden would like to see it continue beyond this year at the higher level, it has not been approved yet.

CBSNews says that the amount of the CTC will revert to $2,000 for each child in 2023.

There is not much time left to apply for the Child Tax Credit. The money has already been designated to help people with children. Get your application sent in and help your children enjoy a better life.

The Epoch Times Copyright © 2022 The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.