(More information on reconciling the two can be found here.) Ultimately, “Families who received advance payments will need to compare the advance Child Tax Credit payments that they received in 2021 with the amount of the Child Tax Credit that they can properly claim on their 2021 tax return,” according to the IRS’s website. Some parents opted out entirely of the advance payments and will be able to claim what they’re owed as one lump-sum amount. Since only the first six months of the child tax credit was paid in advance, the last half of it will be claimed on the 2021 tax return. On the other end of the spectrum, people who received less than they deserved can claim the remaining amount when they file their 2021 taxes.
Child tax credit: Who will get a big December check?Īnyone who collected too much might need to repay some - or even all - of the advance credit, the federal agency says.
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