Child tax credit: What to do if you missed the deadline

If you haven’t already filed for receiving child tax credit checks, you are too late for this year. However, you can still claim your unclaimed checks next year in 2022. Find out how.

child tax credit
The final child tax credit payments for the year will roll out this December 15. While the cutoff date to file for child tax credits was last month, you can still file for it next year. Here's details on the process.

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The final date to sign up for the 2021 advance monthly payments for the child tax credit was November 15, 2021. So, if you haven’t already filed for child tax credit payments, you’re too late. However, you can get the tax credit but you will just have to wait until next year. 

Child tax credits this year

As of now, the sixth check of the child tax credit is all set to be issued on December 15, 2021. This will be the last check issued for a total payment of around $77 billion that has been paid out since July this year.

The tax credits are up to $3,000 for families with kids between the ages of 6 and 17 years. For families with children below 6, the amount is up to $3,600. For now, you’ll have to wait till 2022 to apply for the credit. 

If your family is eligible for the payout, you can get the advance child tax credit checks in full next year if you haven’t claimed them this year. Check out GetCTC, the government tool assigned to help families with low incomes access expanded credit and stimulus checks by filing simplified tax returns. All you have to do is to type in your phone number and email address on GetCTC to get updates. 

Already claimed tax credit this year?

In case your family has already claimed the tax credit this year, you will get a letter from the IRS in January 2022. This letter will detail the total amount you have claimed. You will have to input this amount when you file your taxes to claim the remaining credit available to you. In case you have opted out of getting monthly checks even after qualifying for the advance payments, you should claim the balance tax credits in a lump sum when you file your tax returns. The last date for federal tax filing next year will be April 18, 2022. 

Like other stimulus checks, the child tax credits you get are tax-free. Hence, the IRS will either send it to you as a refund after you file your returns or reduce your taxes with the amount you should get.

If you want to get your tax refund at the earliest, the best way is to file your tax returns online. Also, select your preferred payment method as direct deposit. Most people who do this get their refunds within 3 weeks. 

The future of child tax credit payments

The child tax credit payments have helped millions of families across the US. They have helped sustain households and take care of kids in an otherwise troubled 18 months. However, it is still not clear whether Congress will continue issuing these checks in the future.

This page is purely informational. Line does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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