Expect a smaller refund than usual if you're among the millions of families who got monthly child tax credit payments last year
They could discover they're getting smaller refunds than they usually do.That's because more than 36 million families already received half of their enhanced child tax credit in monthly payments during 2021."One thing that likely will happen is that people will get smaller refunds than they were expecting because that refund, in a sense, came in advance," said Barbara Weltman, an editor of"J.K. Lasser's Your Income Tax 2022.
In that case, that parent would have to pay back the funds received, and the other parent could claim the full credit on his or her tax return, Weltman said.Also, families who earned a lot more in 2021 than they did in 2020 may have received more than they should have in monthly payments. That may allow them to claim only a small amount on their tax return or require them to pay back some of the distributions.
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