Those who took the child tax credit may be in for a surprise change in their refund size, or other potential complications, highlighting the downsides of administering family programs without a plan.
Biden's IRS reporting device for third-party payment processors 'will affect your taxes,' says Norquist
While the CTC expansion was structured to not increase taxes on any household, a dollar of credit received in advance results in a dollar less received at filing time. For families unaware of the trade-off, it could mean a surprise when they see their refund total this year.Consider a married couple with a 10-year-old child who normally received their $2,000 CTC when they filed their taxes. They would have received $1,500 of their $3,000 in advance.
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