IRS is disbursed its last monthly child credit payment for 2021 on Dec. 15.
Taxpayers who file a federal return next year will use Schedule 8812 to reconcile their 2021 advance payments with the child credit they are entitled to.
For most, the credit will exceed the advance payments because the law required IRS to send out only six payments in 2021, generally accounting for one-half of the credit.
If the credit is less than what you got, you may or may not have to repay the excess. IRS will mail a notice in Jan. showing total payments made to you in 2021.
Keep the letter with your tax records to help you fill out your 2021 return. If you have someone else prepare your return, be sure to show them the notice.