$1,500 up to $1,800 available for millions of people claim it before it’s too Late I have all the details and everything you need to know right here on this topic. And so I can keep you updated each and every day during this very busy time as information continues to change very rapidly.
I’m doing all the research so that you don’t need to, and I break it down into these short topics so that you can get the latest details hot off the layer each and every day as this information is being released.
So starting last year, in July of 2021, about 36 to 38 million households started receiving anywhere between $250 and $300 ongoing every single month from July through the end of 2021, which resulted in anywhere between $1,500 and $1,800 as a result of the advanced child tax credit payments. However, is that the total amount you are supposed to get? No. In fact, that was only half of the amount that was actually due for these tens of millions of households. So on this topic, I want to let you know that this money is still available and you got to claim it within the next couple of weeks here.
Otherwise, it’s going to slip right on by and it will be too late. So last year, in March of 2021, President Biden signed into law the $1.9 trillion reconciliation bill, which was also called the American Rescue Plan. Now, this is the plan that also contained those infamous $1,400 stimulus checks. Remember that? Oh, yeah, we all remember that time, right?
Because it was the last time we got a stimulus check, and it was pretty nice while it lasted. But I think all of us can probably agree it didn’t last all that long before we spent it up. And then we were right back at the same place we were before getting the check. But anyway, that’s a totally separate discussion we can talk about in a separate video. However, within that $1.9 trillion package, they also had another provision in there, which was the child tax credit payments.
Now, this is not a new program. It’s actually been around for a very long time. However, they did make a couple of changes to it. Number one is they raised the dollar amount that all of these millions of individuals and families could start getting as a result of the child tax credit payments. Also, they changed it.
So rather than claiming all that money on your tax return, they changed it so that you can start getting advanced payments going forward. Well, remember, this was in March of last year. However, starting in July of 2021, they started sending out these advanced payments. In other words, sending you monthly checks on an ongoing basis from July through the end of 2021. As a result of that, they only paid out the last six months of the year, with these payments totaling $1,500 up to $1,800 per child, depending on the age.
Well, you still have the other half of your payment coming due. So I want to talk you through the details on this because we’re coming down to the wire here and you’ve got to file your tax return by April 18 to claim this money. Now, again, really quickly, before we get into this any further, this is not tax advice. This is not accounting advice. I do not know your situation.
Everybody’s situation is very different. So I highly advise may be talking to your CPA, your accountant, or maybe do some more research on this and look at your own situation. But honestly, everybody’s situation is so incredibly different. I can’t really advise you on what to do here going forward. However, I can’t give you some general information because there’s some money that’s still on the table right now and I want to make sure that you are getting this money before the date slips on by and before it may be too late.
So this year tax day is April 18. Generally, tax day is April 15, right? We all recognize tax date April 15. However, this year it is April 18. So that happens to be a Monday.
That is the date that tax returns are due. Now, here’s the thing. If you’re somebody who is an individual with an income under $75,000 or a married couple with an income under $150,000, and you started receiving those advanced child tax credit payments for any dependents that you have under the age 1817 and younger, it would be $250 per month for those kids aged six to 17 and $300 per month for those kids aged five and younger. So if you are in that position, you have dependents under the age 18. You started getting the advanced payments last year, or even if you did not get the advanced payments last year, then you’re looking at even more money going forward.
So let me tell you this general information. And again, this is not accounting advice in any way at all, but rather what you need to do, according to the IRS, to claim the other portion of your payment if you receive the advanced payments from last year is you need to file a tax return for 2021. So the tax return the IRS is open. They are now accepting tax returns. They started accepting them back on January 24 and they’re now accepting them.
And tax day is April 18, which is coming up here in just a couple of weeks. So you got to file your tax return and you got to claim the other portion of your child tax credit payment. Like I said, it is worth up to $1,500 for those kids aged 16 to 17 and $1,800 per child, by the way, for those kids under the age of six, five, and younger. So if you have multiple kids in those age brackets, you could be looking at several thousand dollars, you could be looking at $3,000, $3,600, possibly even more dollars than that. So here we are in a position right now.
We’re looking waiting for Congress to send us another stimulus check. Well, here’s the deal. There’s about 36 to 38 million families out there and households that are pretty much going to be getting essentially another stimulus check as a result of a tax refund right here in 2022 as a result of the other portion of these payments. So this is not technically a stimulus check, but essentially when you look at the dollar amounts and the timing of it and everything like that, it basically all comes down to looking like, hey, it’s looking pretty nice like a stimulus check, right? Even though the child tax credit payments are not stimulus checks in any way at all, this is a completely separate program.
Now, one more thing that I want to throw out there as well is if you are somebody who did not get the advanced payments last year, then you’re looking at the total amount that could be coming back to you. One other thing I want to throw out there as well. This is also available for those of you living on a fixed income like Social Security, SSDI, retirement survivors, SSI, VA, RRB, no income. If you have no income, you can still get this. So that’s what’s one of the cool changes about the child tax credit payments is that even somebody who has zero income, you can still get these thousands and thousands of dollars provided you have a dependent under the age 18, somebody that you would claim on your tax return as a dependent.
So a lot of money at stake here and I want to make sure that you are claiming all this money. So again, in order to claim either the other portion or the lump sum payment, if you did not receive any advanced payments from last year is to file a tax return. Now, one other pro tip I want to throw out there as well. If you are somebody who has a new dependent from last year, 2021, it’s a new dependent or you had a baby from last year in 2021. 1st off, Congratulations.
But in addition to the total the full child tax credit payment that you can get the $3,600. You can also claim the stimulus check from last year as well. So let me give you a quick situation. If you’re somebody who had a new baby in 2021, you would actually be looking at $5,000, $3,600 from the advanced child tax credit payment, the lump sum payment, and then another $1,400 as the recovery rebate credit from the stimulus check. So if you had a new baby from last year, you’re looking at $5,000 Not bad, right? apparently, that was really hard for me to say. However many minutes this topic is could be worth $1,500, $1,800, $3,600, or possibly even $5,000. So not bad, right? Pretty cool stuff right here. So again, I do know that this applies to a lot of people out there right now.
It may not apply to a lot of people right here in this community. But the deal is, as I’ve always said, my dedication is to help out as many people as I possibly can. And that’s what I want to do with this video right here as well. So if you’re in a position where this is available to you, then by all means, check this out. There’s a lot of money available, and I want you to grab all this money that is due to you.
Also, if you’re in a position where maybe this is not your situation, whereas you maybe don’t have dependents, maybe you know somebody who does, a friend, a family member, one of your kids, if you have adult children who have kids, if you have grandkids, if you have neighbors, anybody like this, acquaintances share this topic with them. Seriously, this short, could be worth a lot of money to a lot of people. And you’ve got to claim it before it’s too late. And the deal is the only way you can get this money is by filing a tax return. Even if you are somebody who does not file a tax return because your income is low enough or if you’re living on SSI or SSDI or anything like this, if you typically not file a tax return, the deal is the only way to get it is by filing a tax return.