HomeStimulus CheckStimulus checks, Child Tax Credit cause tax filing confusion

Stimulus checks, Child Tax Credit cause tax filing confusion

Because of the stimulus cheques and child tax credits that Americans received in 2021, tax preparers are anticipating a lengthy and complex tax season.

Many families did not get all of the stimulus funds and credits that they were eligible for, so they will be able to claim them this year.

Lesa Strull, a mother of two, claims she didn’t get all of her child tax credit checks last year.

“I got the first one in July, and I think I got four,” she added. “However, by November, there was nothing left.”

She said that she received no response from the IRS.

Tax accountants say they’re already receiving a lot of queries about the child tax credit since it’s like getting a portion of their tax refund six months early for a lot of families.

If you didn’t receive what you were entitled – up to $3,600 per kid – now is the time to claim it, according to certified public accountant Roy Mitchell.

People may also file a claim for a stimulus cheque that was not received.

Mitchell remarked, “The quick answer is that there will be something on there to make that claim.”

His administration, on the other hand, is expecting a lot of uncertainty, and not only from those who are missing money.

Mitchell anticipates hearing from individuals who are perplexed as to why their return is $1,000 less than the previous year. This is due to the fact that the child tax credit was an advance on the money they would normally get at tax-filing time.

Also Read: Who Qualifies For Stimulus Check Payments For January 2022?

“This might cause some confusion when consumers believe they would get a full $3,600 credit on their return when they have forgotten they have already received half of that amount,” Mitchell said.

The stimulus checks from last year, on the other hand, will have no effect on refunds.

Keep an eye out for an IRS letter in the mail.

Mitchell advises parents with children under the age of 18 to wait until they get a letter from the IRS detailing how much they received and if they are entitled more.

Those who are still perplexed should seek the advice of a tax professional. Strull is doing just that.

“I’ll speak to someone about how to put this on my taxes so I can collect that money when I submit my taxes,” she added.



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments