{"id":27308,"date":"2021-11-24T12:23:11","date_gmt":"2021-11-24T17:23:11","guid":{"rendered":"https:\/\/blog.eztaxreturn.com\/?p=27308"},"modified":"2023-06-04T13:23:21","modified_gmt":"2023-06-04T18:23:21","slug":"will-the-child-tax-credit-payments-affect-your-2022-taxes","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/will-the-child-tax-credit-payments-affect-your-2022-taxes\/","title":{"rendered":"Will the Child Tax Credit Payments Affect Your 2022 Taxes?"},"content":{"rendered":"\r\n

Since July, millions of families have been receiving advance monthly payments of the Child Tax Credit<\/a>.\u00a0 The payments are worth up to $300 per child, depending on their age.\u00a0 Some families have been using the extra cash to help with childcare<\/a>, buy groceries, pay rent or catch up on bills.\u00a0 While many people have welcomed the financial boost, others are wondering, \u201cWhat\u2019s the catch?\u201d.\u00a0 Keep reading to see how the Child Tax Credit payments will affect your taxes in 2022.<\/p>\r\n

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What are the advance Child Tax Credit payments?<\/strong><\/h2>\r\n\r\n\r\n\r\n

The Child Tax Credit is worth $3,600 for children ages 5 and under and $3,000 for children ages 6 through 17 at the end of 2021.\u00a0 The advance payments are 50% of the credit you\u2019re expected to qualify for when you file your 2021 tax return<\/a>.\u00a0 There\u2019s no catch.\u00a0 It isn\u2019t considered taxable income and it won\u2019t affect any government benefits you receive.\u00a0 You\u2019re simply getting half of the credit now and the rest when you do your taxes.\u00a0<\/p>\r\n\r\n\r\n\r\n

The payments are based on your 2020 or 2019 tax return, whichever was filed most recently.\u00a0 To qualify for the full credit, your modified adjusted gross income<\/a> must be under $75,000 for single filers, $112,500 for head of household and $150,000 for married filing jointly.\u00a0 Most eligible taxpayers automatically began receiving the monthly payments in the summer.<\/p>\r\n

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What happens if your payment was inaccurate?<\/strong><\/h2>\r\n\r\n\r\n\r\n

If the payment you received was smaller than the amount you were entitled to, you can claim the remaining portion when you file your 2021 tax return.\u00a0 Use ezTaxReturn to ensure you get every legal credit and deduction you deserve, so you get the biggest possible refund.<\/p>\r\n\r\n\r\n\r\n

On the other hand, if the amount you received is more than you deserved, expect to repay some or all of the excess when you do your taxes.\u00a0 There are numerous reasons why you may have mistakenly received a check you were ineligible for.\u00a0 For starters, the payments were based on your 2020 tax return, and as we all know, a lot can change in a year.\u00a0 It\u2019s possible that since filing your return one of the following has happened:<\/p>\r\n\r\n\r\n\r\n