'There’s going to be plenty of people I talk to who are going to be very upset,' one tax preparer said.
In 2021, the enhanced Child Tax Credit gave millions of families some financial cushion through monthly payments.
Since the fall, Paul Fenner, founder of TAMMA Capital in Detroit’s suburbs, has been telling clients if they received the monthly child tax credit payments, their refunds may be lower and some may even owe taxes. Half of the enhanced sum was chopped into monthly installments paid from July to December. The credit’s other half is coming in the traditional form, by being lumped into the tax refund. The issue is, the lump sum waiting in the wings, whether it’s up to $1,800 for younger kids or $1,500 for older kids, is smaller than the $2,000 maximum.
An individual needed to make up to $75,000 before the eligibility for the boosted part of the credit started phasing out. It was $150,000 for a married couple filing jointly and $112,000 for a person filing as head of household. The Child Tax Credit’s intricacies will add to the administrative headaches. For example, two of Fenner’s clients could have used some help. They tried to opt out of the advance payments via an online IRS portal. It didn’t work and they could never connect with someone at the IRS to fix the matter. “They couldn’t stop the checks from coming,” he said.
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