The month of December brings to an end the monthly enhanced child tax credits. With it, the last of the regular stimulus checks have come to an end. Eligible families will get the rest 50% of the CTC payments after they file the tax returns for 2021 early next year.
For the balance CTC payments, the IRS has prepared a huge mail out that you will need to get the balance payment. The agency has also put the finishing touches on the final mail out for sending out another stimulus check. it is the plus-up payments that the last round should be dispatched by next week.
Deadline For The Plus-Up Stimulus Check
The IRS has been proactively sending out stimulus checks to eligible taxpayers under the plus-up routine. These supplemental payments are add-ones or people who got their initial stimulus payments calculated on the 2019 returns. A subsequent revision was made when they filed their 2020 returns.
The IRS has to complete pending payments by Dec. 31, 2021. And if you have payments pending from the federal authorities by way of stimulus payment, you can expect one soon.
The authorities will send you the details of the expecting payment in a letter. Letter 6475 will contain details of the payment. The letter will be needed subsequently to ensure the information contained matches your figures in the 2021 income tax return.
Two additional bits of news are relevant for the next year. The first is the tax credit. The CTC payment was equally split and 50% was sent through 6 monthly checks by the federal authorities between July and December 2021.
So, eligible recipients could expect the other half of the payment after their file their 2021 returns. The authorities have sent out what they call the ‘information letters,’ which will note the amount you can claim on your next tax returns.
