To claim their advance Child Tax Credit payments, stimulus payments, and other tax rebates before a deadline approaches, more than 9 million American individuals and families should file a 2021 corporate income tax return.
The enhanced tax credit was first made accessible to millions of children whose caretakers earned too little money to file taxes as part of President Biden’s $1.9 trillion COVID-19 relief program. The tax credit was increased to $3,000 for every child aged 6 to 17 as well as to $3,600 for children under the age of 5.
2021 Recovery Rebate Credit
The Internal Revenue Service claims that certain families, along with those who are owed additional payments, may be failing to reclaim the money. According to the IRS, letters are being sent to those who may be entitled to receive a portion or the entire Child Tax Credit, the Recovery Refund Credit of 2021, as well as the Earned Income Tax Credit but, have not yet submitted a 2021 return to do so.
Chuck Rettig, IRS Commissioner, said in a statement that the agency wants to notify potentially eligible consumers, especially households, that they may meet the criteria for these significant tax credits.
Across our country, there's great enthusiasm for Democrats and our agenda for families: Child Tax Credit, child care, home care, paid leave, Pre-K.
We'll get it done when we Hold The House and add 2 more Democratic Senators — with YOUR calls, texts and votes! -NP pic.twitter.com/0VliZAILHp
— Nancy Pelosi (@TeamPelosi) October 15, 2022
“We advise those who haven’t yet submitted a tax return for 2021 to look at their possibilities. They may still be eligible for several significant credits even though they’re not obligated to file tax returns.
The letters will serve as a reminder of their possible eligibility and the actions they can take since we don’t want them to forget about these tax benefits.” The deadline to file a return and take advantage of a late-filing penalty for those who requested an augmentation on their 2021 income tax return is Monday, October 17.
However, the IRS is advising people to utilize the Free File program to get their payments fast, especially those with little to no income who are not obligated to pay taxes.
Up until November 17, the program will stay open for an additional month. In the meantime, Hurricane Ian has pushed out Florida, North Carolina, and South Carolina’s filing date from Oct 17 to Feb 15, 2023.
The expanded child tax credit was a vital source of financial assistance for many poor families during the pandemic. Congress let it expire last year. We asked @ImWalkingItOut, an economic justice advocate, what this means for the poorest kids in America. https://t.co/r0XZNKzl6j pic.twitter.com/FR1gkwd3Cr
— The Problem With Jon Stewart (@TheProblem) October 18, 2022
The Enlarged Child Tax Credit
The U.S. Government Accountability Office stated in a report issued this week that the IRS and U.S. Treasury have had difficulty distributing COVID-relief payouts to millions of people.
The GAO reported that several groups had trouble getting the funds despite “sweeping marketing & outreach efforts” to publicize the enlarged child tax credit & COVID-19 payments.
Those who “had never filed a tax rebate, were submitting for the very first time, did not have bank accounts or had restricted access to banks, had mixed-status families, had limited or just no internet access, and were suffering homelessness” were among them reports Newsweek.
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