Millions of families and households got use to getting a monthly dependent payment from the IRS in the second half of 2021. This payment, known as the advance child tax credit, was generally claimed via tax return filings in prior years.
As part of Biden’s ARPA stimulus bill to provide pandemic relief for households and their dependents, the CTC was increased, expanded to cover more dependents and half the payment was made in advance during 2021 via monthly installments administered by the IRS.
The second half of the 2021 CTC payment was to be claimed when filing your tax return in 2022 and paid according to the IRS refund processing schedule.
I have written detailed articles covering FAQs for this payment, but the main one being asked now is whether or not families will continue to get paid monthly in 2022 or if the larger and expanded payment will continue in 2022.
Get your biggest tax refund, guaranteed. Get started today.
The short answer is NO since a funding extension for 2022 payments was not approved by Congress and not part of the Biden’s revised Inflation Reduction Act (IRA), which was a scaled down version of the Build Back Better (BBB).
You can see details of the 2022-2023 CTC in this article.