Millions of Americans could automatically receive a lump sum of $ 3,600 thanks to the IRS tax credit… see if you qualify

MILLIONS of Americans could pocket up to $ 3,600 per child when tax returns are filed this year.

Families who opted out of receiving the Child Tax Credit advance payments will pocket the full amount over the next several months.

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Millions of families could receive $ 3,600 per child under child tax credit programCredit: Getty

Most parents will have received six monthly payments worth up to $ 300 per child after the expanded program launched in July.

President Biden temporarily increased the amount from $ 2,000 to $ 3,600 last year.

Families with children aged 6 to 17 could receive up to $ 3,000 per child when they file their income tax return.

Americans may have unsubscribed from advance checks because they wanted to receive the money in one large payment so they could pay for a vacation or a car.

Parents may also have feared having to repay part of their money.

The Child Tax Credit was an estimated prepayment of money for 2021, meaning it was highly dependent on your income in 2020 or 2019 and the size of your household.

But, lawmakers have protected low-income parents from potential overpayments.

No child tax credit payments are expected to be issued imminently after Democratic Senator Joe Manchin revealed he could not support President’s Build Back Better legislation.

Read our live blog on the Child Tax Credit for the latest news and updates …

But, White House officials are reportedly working on plans to help families.

Press secretary Jen Psaki speculated that a larger check could be sent in February if families default, according to BGR.

She said: “If we do this in January, we have discussed with Treasury officials and others the possibility of making double payments in February.”

Commentators say it might be more difficult to pass legislation through Congress in 2022 because it’s an election year and Republicans may not have much incentive to give Biden “wins.”

Internal Revenue Service (IRS) bosses have warned Americans not to throw out a letter that will help them receive their full tax credits.

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It is understood that the letter will come in an envelope marked “Important fiscal document”.

IRS Says, “To help taxpayers reconcile and receive all of the 2021 child tax credits to which they are entitled, the IRS has started sending Letter 6419, 2021 Advance CTC, in late December 2021 and will continue. until January.

“This letter includes the total amount of child tax credit advance payments that taxpayers received in 2021 and the number of eligible children used to calculate the advance payments.

“People should keep this letter and any other letters from the IRS regarding child tax credit advance payments with their tax records.”

Families who have received advances are encouraged to compare the checks they received last year with the amount they can properly claim on their tax returns.

Parents can also access the tax credit update portal online via IRS.gov to access the information.

How the revival of the child tax credit could happen to parents in 2022