Urgent IRS child tax credit warning to avoid ‘errors and delays’– here’s how to protect your ‘stimulus’ payment NOW

THE IRS has issued a warning on how to avoid “errors and delays” when it comes to tax information about Child Tax Credit and stimulus payments.

The agency warned that people who received advanced Child Tax Credit payments or the third stimulus check should hang onto documentation about those payments.

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The IRS issued a warning about ‘errors and delays’ when it comes to filing tax information[/caption]

“IRS information letters to Advance #ChildTaxCredit recipients and recipients of the third round of the Economic Impact Payments have important details that can help people avoid errors and delays during the upcoming 2022 filing season,” the IRS warned in a Thursday tweet.

The final round of monthly advanced Child Tax Credit payments went out on December 15.

However, there is still a portion of the expanded credit that qualifying families can expect to get back in 2022.

The expanded tax credit program made it so families who make below a certain income limit got checks of either $300 or $250 per child every month, depending on the age of their child, from July through December.

However, the expanded Child Tax Credit program changes the full credits to $3,600 per child under the age of six and $3,000 per child aged six to 17.

Only half of that credit was sent out as monthly Child Tax Credit payments.

Eligible families will receive the rest of the cash when they file their 2021 taxes next year.

The IRS is also still issuing the third round of stimulus checks — worth $1,400 –to certain people through the end of the year.

Read our child tax credit live blog for the very latest news and updates…

Checks or “plus-up” payments may be going out to people who filed their 2020 tax returns late or people whose income situation changed in 2020.

For people who filed their 2020 tax return, the IRS will use that information to determine eligibility and payment amount.

For households who didn’t file in 2020, the IRS will review records from 2019 to determine eligibility and size of payment.

That includes those who used the “non-filer portal” for previous rounds of payments.

For tax returns with direct deposit or bank account information, the IRS will be able to send money electronically.

For those households for which the IRS cannot determine a bank account, paper checks or debit cards will be sent.

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The last monthly Child Tax Credit payment went out on December 15[/caption]