You may not have to pay the IRS back if you got too much in child tax credit payments investinyou (In partnership with acorns.)
Taxpayers who made more than those adjusted gross income amounts may still be able to get partial protection from repayment if they got too much through the advance child tax credit last year.
Repayment protection ends when 2021 income hits $120,000 for those married filing jointly or widowers, $100,000 for heads of household and $80,000 for single filers or those who are married and filing separately. In addition, to qualify for this protection, filers must have had their main home in the U.S. for more than half of 2021.Even if you did receive more of the child tax credit than you were eligible for last year and don't qualify for repayment protection, you may not owe the IRS.
Instead, it's likely that you'll get a much smaller tax refund than you're used to, either because you aren't eligible for the second half of the credit or you're getting less than you thought you would.To make sure you get the right amount of the credit back, families who got the benefit
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What to Do If You Got an Incorrect Child Tax Credit Letter From the IRSHere’s what families who got the child tax credit need to know before they file tax returns this season.
Read more »
IRS tries to reassure pandemic-panicked taxpayersIt’s tax time and the IRS is trying to reduce some of the pandemic-induced panic many people are again likely to be feeling this year.
Read more »
The IRS Just Sent This Major Warning to Taxpayers — Best LifeThe IRS is sending a child tax credit letter to taxpayers who received advanced payments last year, but the information could be incorrect.
Read more »
Expecting a tax refund from the IRS? Here's how long it could takeNearly three-quarters of filers received a tax refund last year, with an average payment of about $2,800, the IRS said recently – a major influx of money for most households that many Americans depend on.
Read more »