The deadline to sign up for the advance child tax credit for 2021 is fast approaching. Families not already receiving the advance monthly payments have until Nov. 1 to sign up for November’s payment, and if they miss that deadline, have until Nov. 15 to sign up to receive a payment in December.
Some news outlets are reporting that families might receive child tax credits of up to $7,200 per child in 2022. No official guidance has yet to be released indicting whether families might receive this amount, but there is one scenario that could make it a reality.
The 2021 credit gives eligible families $3,600 per child under age six, and $3,000 per child ages six to 17. Many families are already receiving half their credit in the form of monthly payments. Those who don’t receive the monthly payments will get their full credit when they file their 2021 tax returns during next year’s tax season. Those families could receive $7,200 per child next year per child under age six ($6,000 per child ages six to 17) — if lawmakers extend the expanded child tax credit credit into 2022 with no reduction in the current credit amount, which would effectively give those families two full credits in one year.
President Biden met with legislators on Tuesday and pressed for a minimum one-year extension of the monthly advance payments of the tax credit. The advance payments have already been said to have lifted millions of children out of poverty, and millions out of food insecurity.
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This article originally appeared on GOBankingRates.com: Child Tax Credit for 2022 — Here’s How Some Families May Get $7,200 Next Year