IRS Warns Parents Not To Toss This Important Tax Document When It Comes In the Mail

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It’s almost time to start thinking about doing your taxes. Regardless of whether you hire someone to do your taxes for you or you prefer to do them yourself, it’s important to make sure you keep all of the important tax documents that arrive in the mail.

You probably know which tax documents you usually receive every year. Depending, sometimes these tax documents may be sent to your mailbox or digitally to your email which a special log in password instead of through the postal service.

Parents need to pay special attention to their mailbox this year because there is going to be an extra tax document that they have not received in previous years. This tax document will be sent from the IRS, and it will include important information about the child tax credit.

In 2021, many parents received advanced child tax credit payments. These payments were made on a monthly basis from July 2021 through December 2021. The amount parents received depended on the age of their children and how many children they claimed on their previous tax return. Parents received $300 per child for each child under the age of 6 and $250 per child for each child between the ages of 6 and 17.

Before completing this year’s taxes, parents need to make sure they have the document from the IRS that shows how much they received in 2021 as an advance payment for the child tax credit. The document will show the total about paid by the IRS in 2021 for the child tax credit, and it will also show the number of children taken into account when making the child tax credit payments.

Some parents received these child tax credit payments in the mail. Other parents, who have their tax refund set up for direct deposit, received the child tax credit payments as direct deposits into their bank account.

If you are a parent and you didn’t receive any advance child tax credit payments into 2021, the IRS encourages you to contact them by calling 1-800-908-4184.

Be sure to check your mail for the tax document from the IRS that shows how much you received in advance for the child tax credit, and be sure to share this information with any parents you know so that they also know to keep an eye out for this important tax document from the IRS.

Were you eligible for advance child tax credit payments this year? Do you usually do your taxes yourself, or do you have a professional file your taxes for you? Do you know anyone who was eligible for an advance child tax credit payment but didn’t receive any advance payments?