Will I report my child's tax credit payments when I file taxes next year?

Will I report my child's tax credit payments when I file taxes next year?

Yes really. In January 2022, the IRS will send a letter to families who received child tax credit payments for the total money they received in 2021. Keep this notice — which the IRS contacts with letter 6419 — you'll need information from when you file your return 2016 tax season 2021 during next year's tax season.

To make sure the IRS has the latest mailing address for you, you'll be able to update it through the Children's Tax Credit Update later this summer. The family will receive the second half of your child's tax money when you file your taxes next year.

Will I get more child tax credit in 2022 after I file taxes?

Yes really. The IRS will send you in January 2022 with what you are eligible for; you may discover that you are entitled to more than you earned upfront, based on your actual 2021 income. If so, you can claim the rest of the credit—your child's tax return when you submit the return.

Does the Child Tax Credit Affect Other Federal Benefits?

According to the IRS, no. Because advances in the Child Tax Credit do not count as income, federal, state, or local agencies cannot use the amount when determining whether you or your family qualify for other benefits or assistance.