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Your Check Is In The Mail

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.