Today millions of parents are getting their final child tax credit it is issued to parents Wednesday but it may have already been pending in your bank account.
For those parents that meet financial qualification and whose children are no older than age 17 years old at any point this year. Most of you your payment is already in your bank account pending through direct deposit.
For everyone else who qualifies you will get your last payment in the form of a paper check.
For some of you this December payment will be bigger than normal. The IRS says that’s because it may include a payment or two you have been missing.
Also even if you are missing a payment that doesn’t mean you are automatically going to get it all together in this December payment. You may have to instead claim those missing payments or payment on your 2021 tax return after you receive letter 6419 in early January.
This is the last monthly child tax credit because these monthly payments were a result of the American Rescue Stimulus Package that was passed by congress earlier this year.
The American Rescue Plan law said the Child Tax Credit program expired at the end of 2021. Lawmakers have crafted a new law that would extended the monthly Child Tax Credit program but that has stalled in the Senate that bill is of course the Build Back Better bill that is being passed through budget reconciliation.
