![]() ![]() You will need this document to file this year. If you didn’t receive IRS Letter 6419, you can get it on the IRS Child Tax Credit Update Portal. To get the correct remaining amount, taxpayers must use a new tax document this filing season, IRS Letter 6419, to reconcile the amount they received in advance from the Child Tax Credit, according to Manuel Dominguez, a senior tax research analyst at H&R Block.Īs previously reported by Yahoo, taxpayers whose refund is solely based on this credit may see a smaller tax refund this year. The other half is distributed as part of your tax refund. Additionally, the legislation allowed half of the credit to be disbursed in advance in monthly payments from July to December last year. Under the American Rescue Plan enacted in March 2021, the credit amount was increased and eligibility was expanded so families with little to no income could qualify. Many Americans received advance payments for the Child Tax Credit. (Photo: Getty Creative) Taxpayers need to reconcile the Child Tax Credit (CTC) Sponsored by H&R Block’s Tax Institute, the NCL webinar outlined what you need to know this year as “we head into another tax season that is quite different from the norm,” Garrett Watson, senior policy analyst at the Tax Foundation, said. For Maine and Massachusetts residents, the tax deadline is April 19 due to Patriots' Day, a holiday in both states. This year, tax season started on January 24 with the deadline on April 18, instead of the typical April 15. The past two years reinforced this point as millions of families relied on their tax return to tap into critical government relief.” “For many Americans…the tax return is the most significant financial transaction of the year. “The pandemic significantly shifted the tax landscape as billions of dollars in aid were processed by tax returns,” Kathy Pickering, the chief tax officer at The Tax Institute at H&R Block, recently said in a webinar hosted by the National Consumers League (NCL). Tax season is upon us and there are some key changes in 2022 - including this year's deadline - but most largely stem from pandemic-era tax legislation.
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