Biden’s Child Tax Credit Backfires As Millions See Smaller IRS Refund, Owe More Money
“Maybe,” the IRS advised. “If the total amount of your advance Child Tax Credit payments is greater than the Child Tax Credit amount that you can properly claim on your 2021 tax return, you may need to report the entire excess amount on your 2021 tax return as additional income tax.”
“However, if you are eligible for repayment protection, you will not be required to repay some or all of your excess advance Child Tax Credit payments,” the federal agency clarified.
As of now, Biden’s child tax credit, passed under the American Rescue Plan, no longer exists as the payments were only authorized in 2021. Sen. Mitt Romney (R-UT) and others on Capitol Hill are reportedly working on a new child tax credit program that would potentially include work requirements for the program.
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