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Stimulus Update: Your November Child Tax Credit May Need to be Paid Back – Here’s Why

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When you receive “free” money, you may wonder if there’s a catch. For some who received the November advance payment of the Child Tax Credit, there could be. If your income was substantially larger in 2021 than it was in 2019 or 2020, you could have to pay a portion of your CTC advance payments back to the Internal Revenue Service.

See: Didn’t Get Your Child Tax Credit? Here’s How to Track It Down
Find: Are Child Tax Credit Payments Taxable?

Fortunately, you have some time to figure it out and to return the funds. Also, the overpayments will be added to your tax bill or decrease the amount of your refund, according to the IRS website.

How will you know if you will need to repay all or part of your advance CTC payments? It all depends…

Read further.

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