irs child tax credit 2021
The IRS urges taxpayers receiving these letters to make sure they hold onto them to assist them in preparing their 2021 federal tax returns in 2022. Because these credits were paid in advance every dollar received by an individual in 2021 will reduce the amount of Child Tax Credit that the individual can claim on their 2021 tax return.
Why You Should Wait To File Taxes If You Received Child Tax Credits In 2022 Filing Taxes Child Tax Credit Tax Credits
The IRS will send Letter 6419 in January of 2022 to provide the total amount of advance Child Tax Credit payments that were received in 2021.
. This means that by accepting advance Child Tax Credit payments the amount of an individuals refund may be reduced or the amount of tax that they owe may increase.
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