© Associated PressFamilies are bracing for bank balances to suffer when the middle of January comes and the monthly child-tax-credit payment doesn’t. “But I’ve been having panic attacks thinking about next month.”The child credit existed before 2021 in a much different form, and that is the version in place for 2022. Upper-income households that weren’t eligible for more money also got part of their regular $2,000-per-child credits in the monthly payments. On their 2021 tax returns, people will claim the credit, subtracting any monthly payments from their total eligibility. “We now have an opportunity to build on the 2017 child tax credit and further expand support for working parents without those bad outcomes.”Families used the credit to pay for necessities, researchers found.

Source: Wall Street Journal January 03, 2022 21:26 UTC