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Is the enhanced child tax credit getting extended this year? Here’s the latest

Is the enhanced child tax credit getting extended this year? Here’s the latest

With six advance monthly child tax credit checks sent out last year, only one payment is left. This final installment, which arrives with your tax refund after you file your 2021 tax return, includes any money you didn’t receive last year, plus the second half of the total payment you’re eligible for. But the big question still remains: Will the enhanced child tax credit payment program be extended, even if for just another year?

While no decision has been made yet, it all depends on the outcome of the Build Back Better bill. If the vote is no, the child tax credit will revert back to its original amount. Sen. Joe Manchin, a West Virginia Democrat, said he wouldn’t support the bill unless a work requirement for parents is added.

We’ll explain what’s happening with the child tax credit this year. Also, it’s a good idea for families to update their banking details, income and mailing address through the IRS Update Portal ahead of tax season. And here’s what to know if you received the wrong payment amount .

Will the enhanced child tax credit be extended?

Given the popularity of the program with millions of families, there’s still a chance the credit could be extended. A recent study published by the Urban Institute shows that if the child tax credit is extended beyond 2021, it could substantially reduce child poverty in the vast majority of US states. Most recently, lawmakers proposed extending the child tax credit to just one year, in an effort to trim the cost of President Joe Biden’s $3.5 trillion plan. (more…)

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