Parents who received child tax credit might get a smaller tax return
(KYMA, KECY) - If you're a parent, you're tax refund might be smaller this year.
That's because you may have already received part of your enhanced child tax credit in 2021.
Usually parents claim the credit on their tax returns to help fuel refunds, but families of 61 million children were sent half of the credit in monthly payments.
It was part of the American Rescue Plan which allowed up to $300 a month for children up to the age of six and $250 for children ages six to 17.
The payments were meant to help with housing, food, clothing, and school supplies during the pandemic.