Many parents may not be so happy when they file their tax returns this year.
They could discover they’re getting smaller refunds than they usually do.
That’s because more than 36 million families already received half of their enhanced child tax credit in monthly payments during 2021.
“One thing that likely will happen is that people will get smaller refunds than they were expecting because that refund, in a sense, came in advance,” said Barbara Weltman, an editor of “J.K. Lasser’s Your Income Tax 2022.”
As part of last year’s American Rescue Plan package, parents received half the credit – up to