SOME AMERICANS WILL HAVE TO REPAY THEIR CHILD TAX CARE PAYMENTS
With stimulus payments, eligible Americans didn’t have to repay the IRS if they received more funds than were meant to.
But that isn’t the case for CTC payments, however.
“If you are getting money and don’t qualify, you need to opt-out of it,” Mark Steber, Jackson Hewitt’s chief tax information officer told CBS. “You will have to pay that money back.”
Last week, the IRS also raised the overpayment issue, writing on its website: “If you receive a total amount of advance Child Tax Credit payments that exceed the amount of Child Tax Credit that you can properly claim on your 2021 tax year, you may need to repay to the IRS some or all of that excess payment.”
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