The final set of advance Child Tax Credit payments started going out on Dec. 15, 2021, according to the Treasury and Internal Revenue Service.
Most of the more than 36 million payments, totaling approximately $16 billion, were due to go out by direct deposit. The IRS warned that those who receive paper checks may need to wait as late as the end of December.
Families that are eligible for the advance payments but haven’t received them can claim them on their 2021 federal tax return and receive all of the missed payments.
The IRS noted that families that received the advance payments will need to file a 2021 tax return and compare the payments made with what they claim on their return. To help with the comparison, the service will be sending out Letter 6419 in January 2022, which will include the total amount the taxpayer received and the number of qualifying children used in calculating the advance payments.
Those who received too much money will need to
The advance CTC payments were established by the American Rescue Plan, and started going out on the 15th of each month starting in July. Payments could be as much as $300 a month for each child under age 6, and up to $250 a month for each child from age 6 to 17.
