With the year coming to an end, one tax professional says he’s been getting a lot of questions lately about the child tax credit.
The monthly payments went to millions of families across the U.S. starting in July through December, ranging from $250 to $300 a child per month.
John Saylor at CB Accounting in Bismarck says people have asked how much they have to claim and whether that money is taxable.
Saylor says in January the IRS is going to send out the information in a 1099 form telling you how much you’ve received and other relevant information.
He recommends taking that to a tax preparer to help file.
“The biggest thing is that people are going to have a lot of questions. I really caution the online software. They don’t ask the right questions sometimes they’ll just ask did you get the child tax credit, yep, well it won’t ask you how many payments did you receive?” Saylor said.
Those monthly payments will expire at the end of the year since Congress did not renew the program.