The November Advance Child Tax Credit Payment comes Monday to millions of Americans. The vast majority of parents who receive the child tax credit will get the total amount. But a problem with the September payment means some will get less. The IRS estimates it will pay out $15 billion in this installment alone. But some families won’t be getting the total $250 or $300 per child that most others will. Again, it goes back to a “technical issue” with the September payment. It caused about 2% of child tax credit recipients to get fees late and get a little too much money.
The Internal Revenue Service announced its tax inflation adjustment for 2022. The good news is that income thresholds are getting a boost. The standard deduction for married couples filing jointly for the tax year 2022 rises to $25,900, up to $800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction increases to $12,950 for 2022, up to $400. For heads of households, the standard deduction will be $19,400 for the tax year 2022, up to $600.