ADVANCED CHILD TAX CREDIT AND THOSE CHECKS YOU GOT LAST YEAR
Many of our customers received checks late last year but are not sure exactly how this affects their taxes and if they have to pay it back. These checks were part of the new Advanced Child Tax Credit that gave families up to $3,000 per child 6-17 and $3,600 per child under 6. The idea was to send half of this credit on a monthly basis from July to December of last year. Most families will qualify for this credit and will not have to pay it back. But it does need to be reported when doing their taxes this year by using the IRS Letter 6419 that was mailed to them. They can also claim the second half in this credit in their tax filing.