Home Finance

Stimulus Checks And Child Tax Credit Complicates Tax Filling Process

As per reports from wbrc.com, due to the stimulus checks and child tax credits that Americans received in 2021, tax preparers anticipate a long and complicated tax season. Many households did not receive all of the stimulus funds and credits they were eligible for, so they will be able to claim them this year.

Stimulus Checks And Child Tax Credit Complicates Tax Filling Process

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, I believe I received four, starting in July,” she said. “But come November, there was nothing.”

She stated that she received no response from the IRS.

Tax accountants say they’re already getting a lot of queries about the child tax credit because it’s like getting a portion of their tax refund six months early for many households. According to certified public accountant Roy Mitchell, if you didn’t get everything you were owed – up to $3,600 per child – now is the time to claim it. People can also file a claim for a stimulus check that was not received.

“The short answer there is there will be someplace on there to make that claim, yes,” Mitchell said.

On the other hand, his office is expecting a lot of doubt, not just from people who are missing money.

Mitchell expects to hear from individuals who are perplexed as to why their refund is $1,000 less than the previous year. This is because the child tax credit was an advance on the money they would typically receive at tax filing.

“That can create some confusion when people think they are going to get a full $3,600 credit on the return, and they have forgotten they have already gotten half that amount in advance,” Mitchell said.

The stimulus checks from last year, on the other hand, will not affect refunds. Keep an eye out for an IRS letter in the mail.

Mitchell advises parents with children under 18 to wait until they receive a letter from the IRS detailing how much they received and whether they are entitled more. Those who are still perplexed should seek the advice of a tax professional. Strull is doing precisely that.

“When I file my taxes, I’ll talk to someone about how to put this on my taxes so that I can get that money,” she said.

Ads
Previous articleHow To Benefit From The Grace Period On Credit Cards
Next articleSocial Security payments will increase by 5.9% in 2022