In an effort to assist families with children, the child tax credit has been expanded so families that have received half of their credit as monthly payments last year, will be able to collect the other half simply by filing their taxes this year. As some of the payments were sent out on a monthly basis starting in July of 2021, many citizens are still entitled to another six months worth of the credit. There is an estimated amount of $193 billion that has gone unclaimed so far as roughly 58 million households qualify for this credit.
To offset the high costs of food, gasoline, and other goods resulting from inflation, the child tax credits have increased to $3,600 annually for each child age 5 or under and $3,000 for those ages 6 to 17. To check eligibility, please visit this website.