Summarize this content to 2000 words in 6 paragraphs In 2021, the federal government offered a $3,600 expanded child tax credit, but many parents may have been unaware of the credit and missed out on the payment if they didn’t file.They now have an April 15 deadline to score the money before it is sent back to the Treasury for good.Why It MattersFormer President Joe Biden introduced the American Rescue Plan in 2021, which increased the child tax credit from $2,000 to $3,000 per child over the age of 6.However, parents who had a kid under the age of 6 saw their child tax credit go from $2,000 to $3,600, and some Americans have still not claimed this money three years later.
A sign for the Internal Revenue Service (IRS) is seen on its building on February 13, 2025 in Washington, DC.
A sign for the Internal Revenue Service (IRS) is seen on its building on February 13, 2025 in Washington, DC.
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What To KnowA spokesperson for the Internal Revenue Service told Newsweek that taxpayers can still claim the expanded child tax credit for 2021 as long as they qualified for it that filing year.The spokesperson said you can claim any tax benefit within a three-year window, whatever it would be for the specific filing year you are submitting tax returns for.April 15 marks the deadline for parents to earn the credit, however.All tax refunds and credits available for a specific tax year go back to the Treasury after that three years, so if you don’t file now, you could miss out on up to $3,600 extra from the government.To qualify for the child tax credit in 2021, your child must have been under the age of 18 at the end of 2021 and have a Social Security number.The taxpayer also must be related to the child or have legal guardianship. For 2021, the child must have lived with the taxpayer for more than half of the year, and they also couldn’t provide more than half of their own support.There are also income requirements you must meet, depending on if you filed as head of household or jointly as a married couple.To file now, you’ll need Form 1040-X (the amended return) and include Schedule 8812.What People Are SayingKevin Thompson, a finance expert and the founder of 9i Capital Group, told Newsweek: “If you had kids in 2021 and didn’t claim the expanded Child Tax Credit, you might still be able to get that money. If you never filed your 2021 return, you’ll need to do so to check your eligibility. If you did file but didn’t claim the credit, you may need to amend your return.”Michael Ryan, a finance expert and the founder of MichaelRyanMoney.com, told Newsweek: “It was honestly one of those rare government programs that made an immediate difference. If you qualified but somehow missed claiming it on your tax return, there’s still hope! You’ve got until April 15 of this year, to file an amended return and recover what could be thousands of dollars.”Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: “Many Americans benefited from the expanded child tax credit during the pandemic, but there were some who didn’t receive that benefit because they didn’t file in those tax years or had other errors in the return process. While this equates to a small group of taxpayers, it’s still a substantial credit those who qualify should take advantage of if they never received it.”What Happens NextThe IRS has said there’s roughly $1 billion in unclaimed tax refunds from 2021, and that money will go back into the Treasury if taxpayers do not file returns for tax year 2021 by April 15.Even if you didn’t owe taxes for 2021, filing now for that year could net you a refund, experts say.”I remember talking to a family last year who didn’t realize their newborn from December 2021 qualified them for the full $3,600. They thought since they missed the advance payments, they’d missed out completely. When they filed that amended return, it was like finding money they never knew they had,” Ryan said.
