During 2021, qualifying individuals received advance payment of their Child Tax Credit in monthly installments. If you received advance payments, you can claim the rest of the Child Tax Credit, if eligible, when you file your 2021 tax return.
Will this money be required to be paid back?
This money received will not be required to be paid back but will be deducted from your 2021 refund, as it is an Advance on what you are to receive.
Total amount received
As every family’s situation is different, different amounts were sent out according to what you qualified. The IRS therefore sent out Letter 6419 to confirm the total amount that was received by each family. They also established a portal on the IRS website that allows for you to register and obtain this information.
If you received advance payments of the Child Tax Credit, you need to compare the total you received with the amount you’re eligible to claim. So make sure to provide this information to your Tax Preparer to help you claim what is yours.