Child Tax Credit: How To Claim the Full Amount On Your 2021 Taxes

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The sixth and final installment of the advance portion of the 2021 child tax credit was distributed last week. Fortunately, you can still claim the credit on your taxes even if you missed the payments.

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The child tax credit for 2021 pays out $3,600 for each eligible child under the age of six. Half the amount — $1,800 — was available in six monthly installments during the year ending in December. If you did not claim the child tax credit to receive the advance portion, there is still time to claim the full benefit amount on your taxes next year.

For those who received the advance portion of the benefit, they will only receive $1,800 come tax time next year. If you did not receive any of the payments in 2021, however, then you will be eligible to receive the full $3,600 benefit amount next year during tax season for your 2021 taxes.

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The easiest and most efficient way to do this is to simply file your taxes for 2022. The IRS will then automatically reconcile the amount of benefit you should be receiving. This particular tax credit is fully refundable, meaning you will not need to pay it back. You will be credited the money next year, accounting for your 2021 taxes.

Save for Your Future

You can still receive this benefit even if you do not file taxes or make enough income to file taxes. Visit GetCTC.org, where you can sign up for updates as tax season rolls around. You will need to provide the Social Security numbers of your eligible children and personal information for yourself and eligible dependents.

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You can access the site here, which is also available in Spanish and mobile-friendly formats. You will still be able to receive the benefit next year even if you do not make enough money to file taxes. You can find the White House guidance on non-filer beneficiaries here.

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About the Author

Georgina Tzanetos is a former financial advisor who studied post-industrial capitalist structures at New York University. She has eight years of experience with concentrations in asset management, portfolio management, private client banking, and investment research. Georgina has written for Investopedia and WallStreetMojo. 

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