The IRS will begin mailing notices in January 2022 to all taxpayers who received advanced Child Tax Credit payments in 2021 as part of the American Rescue Plan Act. This notice will include total payments made in 2021. Be sure to keep this communication for tax records and forward it to your Janover professional.
All eligible taxpayers should have received six advanced payments from July-December. These payments account for approximately half of the total child tax credit. The IRS dispersed its final round of monthly child tax credit payments for 2021 on Dec. 15; eligible individuals will receive the second half after filing their taxes in the spring of 2022.
Since the advance child tax credit payments were based on 2019 or 2020 tax returns, in some cases, payments received were more than the eligible credit, and repayment of the excess may be required. The Janover team is here to help you navigate this type of situation.