MACON, Ga. — Up to an extra $300 a month meant a lot to some families over the last six months, but now that those child tax credit payments are coming to an end, families may feel the effects.
Child tax credit payments began in July, adding up to $300 a month into parents' pockets, like Ana Adolphson. She and her husband have a daughter.
"I was previously in the military [and] got out because I had my daughter, who is now 16 months. I'm originally from Seattle and both me and my husband came here, we were active duty," she said.
The extra $300 a month meant additional income for household items.
"I'm a stay-at-home mom, so I’m not receiving an income. My husband is the only one bringing an income in, so helping out with those groceries, clothes because kids grow like crazy and they always need something, so it was definitely very helpful those six months that we did get it," she said.
As tax season gets closer, parents may have questions about filings. Financial expert Sherri Goss wants to remind people who got the payments that there is a document they should look out for.
"January 2022, the IRS is going to send you a letter 6419 to provide the total amount of advanced tax credit payments that were distributed to you during 2021, and so you need to make sure you hang on to this letter because you’re going to file it with your tax return," she explained.
While the pandemic shows no signs of ending anytime soon, she says with schools open and people working, the payments may not come back around in 2022.
"It was part of the Build Back Better plan that Biden was putting together and that has failed to pass, so I think it’s less pressure for people to do things like this now than there was a year ago. So I honestly don’t see it happening again,” she said.
But it may be too soon to tell just yet.