(KCAU) — The Child Tax Credit was expanded in 2021 as part of the American Rescue Plan, but that extension expired at the end of the calendar year.
Under that extension, people received up to $3,600 per child per year. Now that the extension has expired, the Child Tax Credit will go back to $2,000 per child per year.
Chris Norvell owns CD Norvell Tax and Accounting Services in Sioux City. He says Siouxlanders might be able to take advantage of other financial options.
“Some items which we might be able to possibly add to that to make their tax situation better, like maybe we make a health savings account deduction, health savings account contribution or an IRA deduction, which would help on taxes now and you have until April 15th,” Norvell said.
Monthly payments of the Enhanced Child Tax Credit are expected to stop and Siouxlanders will receive the Child Tax Credit after they file their taxes.
A one-year extension of the Enhanced Child Tax Credit is proposed in the Build Back Better Act, which the Senate is expected to vote on later this month.