If your federal tax return for 2021 hasn’t been submitted, there’s a chance you might be losing out on some sizable tax credits. You can submit your information using the streamlined filing tool GetCTC.org to get any money that is owed to you.
According to Roxy Caines, campaign director for the earned income tax credit at the Center on Budget & Policy Priorities, using GetCTC.org has the benefit of a streamlined filing procedure. If you miss the cutoff today, you still have time to file a claim for the money through the IRS Free File program, which is open from Thursday, Nov. 17 at midnight Eastern time. They will be able to claim that by submitting a federal tax return.
Access To Higher Tax Credits
Millions of Americans have access to higher tax credits temporarily thanks to the 2021 American Rescue Plan Act, which was passed by Congress. There was also a recovery rebate credit, which gave each person a third $1,400 stimulus check. Additionally, it increased the generosity of the child tax & earned income tax credits, which were already in place.
The child tax credit allowed up to $3,600 for kids under the age of six and $3,000 for kids between the ages of six and seventeen. Through monthly installments of the child tax credit, up to half of those sums were paid in advance. However, if a family does not get advance payments, they must file a national 2021 income tax return to claim the remaining funds or the full amount.
For that tax year, the earned income tax credit—which benefits low- and middle-income workers—was also increased. Workers without children may be eligible for up to $1,502, and filers with 3 or more children may be eligible for up to $6,728. There will be more workers eligible for the credit in the 2021 tax year as a result of the expansion of eligibility for workers without kids & younger and older age requirements.
People Might Still Be Eligible For These Child Tax Credits
To inform 9 million people know they might still be eligible for these credits, the IRS issued letters to them in October. Caines said she did not find the timing of the notifications so close to the elections of midterms strange, despite Republican congressional leadership raising the issue. We’ve noticed that the IRS takes a while to organize these kinds of outreach initiatives, Caines added.
The letters were reminiscent of warnings the government sent to 9 million non-filers in September 2020, warning them they might not have received the stimulus checks that year reports CNBC.
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