36 Million Families to Stop Receiving Monthly Child Tax Credit Payments in January
Headline Roundup January 14th, 2022
36 million families in the U.S. will no longer receive monthly child tax credit (CTC) checks starting this month.
Democrats have sought for months to convince moderates like West Virginia Sen. Joe Manchin to support extending the expanded CTC through President Joe Biden’s Build Back Better plan. Despite the politics, millions of families will stop receiving monthly payments of up to $300 per child. Those families will have to wait until Jan. 24 to file a tax return and receive the remaining funds available to them. The CTC was expanded for one year in 2021 by the American Rescue Plan Act to a fully-refundable $3,600 for children under 6 and $3,000 for children over 6. The program was previously expanded in 2017 from $1,000 per child to $2,000 until 2025 by the Tax Cuts and Jobs Act. Payments for families don’t just have Democratic support; along with the Republican-led 2017 expansion, Utah Sen. Mitt Romney’s 2021 proposal for a simplified child tax allowance received praise from some on both sides.
Coverage was widespread but more common on the center and left, making top headlines in outlets like The Hill (Center) and the Washington Post (Lean Left). Coverage across the spectrum noted that according to some estimates, the 2021 CTC expansion lifted millions of children out of poverty, and roughly 10 million children are at risk of falling back into poverty without an extension of the program.
Many parents might be looking for money from the child tax credit payment this January but they're not going to see it arrive Jan. 15 or shortly afterwards.
What's more likely to show up is a tax letter from the Internal Revenue Service related to the child tax credit. Don't throw it away.
You might not be expecting to see a notice from the IRS but this letter is essential to help prepare your 1040 tax return for 2021 and possibly claim any more money that you're due.
Unfortunately for 36 million...
Millions of families who received a monthly payment from the IRS through the expanded child tax credit are facing their first month since July without cash from the federal program, even as inflation soars to the highest level in a generation.
Democrats temporarily expanded the child tax credit in early 2021 as part of a sweeping coronavirus relief package, but it expired at the end of 2021. Under the expansion, low- and middle-income parents could receive up to $3,000 for every child ages 6 to 17 and $3,600 for every child under...
More than 30 million families are at risk of losing their child tax credit benefits this weekend after Congrees failed to pass an extension of the safety net program that benefited children during the pandemic.
The Biden administration initially expanded the credit in 2021 after removing the work requirement and saw the CTC reach $93 billion to 36 million families over a span of six month. The CTC gave a $300 tax credit for every child 5-years-old or younger and a $250 tax credit for every child between the ages...