Frequently Asked Questions
How was the money sent? You may have seen a direct deposit in your bank account from the IRS of up to $300 dollars per child. Or you may have received a check or debit card in the mail.
Do I have to pay this back? Is it a loan? No, it is not a loan. It is an advance of money you would get back from your tax return. The monthly payments equal half of the expected tax credit for each child. You receive the other half when you file your taxes.
What if I don’t qualify for the full Child Tax Credit when I file my taxes next year? Your family’s circumstances may change by the time you file your taxes in 2022, but low-income families are protected from paying back overpayments if they are single filers making less than $40,000, heads-of-household filers $50,000, and married filing jointly $60,000. If you make more than these amounts, you may be required to pay back some funds.
What if I didn’t get the payment? Should I have? If you have children age 17 or younger, filed your taxes in 2019 or 2020 or received one of the three stimulus payments, and make under $75,000 if a single taxpayer, $112,500 as head of household or $150,000 for married couples, you should receive the Child Tax Credit.
When should I have received these payments? Payments were deposited or mailed on July 15, August 13, September 15, October 15, November 15 and December 15.
My child doesn’t have a Social Security Number (SSN), do I qualify for the Child Tax Credit? Unfortunately, no. Your child has to have a SSN for you to qualify for the Child Tax Credit.
My child has an SSN but I have a Taxpayer Identification Number (ITIN), do I still qualify for the Child Tax Credit? Yes! As long as your child has a SSN, you may qualify for the Child Tax Credit.
What if I don’t owe taxes or don’t file my taxes? Taxpayers can benefit from the credit even if they don’t have earned income or don’t owe any income taxes. To claim the Child Tax Credit, you must file your taxes.
