>Families Could Be In For Surprise Due To Child Tax Credit Payments
(Denton, TX) -- Tax time is here and some families are in for a surprise. The government has been sending out checks since July, which were an advance on the Child Tax Credit, but the amount was just an estimate by the IRS.
University of North Texas accounting professor Peggy Jimenez says that will wipe out many refunds. For other families who added a new member last year, they may be getting a bigger refund.
University of North Texas accounting professor Peggy Jimenez says the IRS estimated what the child tax credit should be, and have been mailing out checks for half that amount since July.
Jimenez says the advance payment of child tax credits took families by surprise and now they will see the impact.