The boosted Child Tax Credit served as the lifeline for millions of Americans. Acted as a booster for the US households, this Child Tax Credit helped bring various children out of poverty. Families met the necessities and pay off their financial debts with the help of this tax credit received.
Payments Of Child Tax Credit Last Year
According to the report shared by The Ascent, half of the Child Tax Credit payments were made in installments in July, and the same was ended in December last year. All the eligible recipients can claim the additional funds with the tax returns for 2021, due in April.
All those who received the credit last year must have received an important notice in the mail, Letter 6419.
An Incorrect Child Tax Credit Letter Is Concern
Though this situation is not widespread, some families have reported receiving the wrong letter. The Child Tax Credit was increased last year from $2,000 to $3,000 for children aged 6 to 17 and $3,600 for those under 6.
There are various speculations on receiving this letter. One reason that can be there is a change in the bank account by the recipients causing the concern, as reported by Marca. The IRS confirmed that there is nothing to be panicked about. The recipients can check the right amount in various ways, and the best is to visit the IRS Child Tax Credit Update Portal. If the amount is incorrect, connect with the IRS for the reconciliation. The support of the bank will also be needed for the reconciliation.
Authorities On This Not So Widespread Issue
While the IRS admits that some tax filers may receive incorrect information about their 2021 Child Tax Credit payments, the issue isn’t widespread.
President Biden originally included a one-year extension of the expanded Child Tax Credit in his Build Back Better spending bill. The bill is yet to be heard in the Senate.
As a result, families may be forced to write off the increased Child Tax Credit for 2022, as well as the associated monthly payments.
