Child tax credit: Millions of parents should be on the lookout for a letter from the IRS that will help them collect the remaining half of their expanded child tax credit when they file their 2021 tax returns.
Because at least half of the enhanced credit will be paid out as a lump sum when parents receive their 2021 tax return, recipients should keep the letter and use it to accurately reconcile the credit they already received when filing their taxes this year.
If families opted out of the monthly payments, they can claim the full amount of the child tax credit on their 2021 federal tax return. This also applies to families who don't normally need to file a tax return. The IRS is warning taxpayers of a potentially challenging tax season and has urged individuals to file their tax returns electronically in order to receive the refund within 21 days.
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