Is there a one time tax forgiveness
By claiming the Child Tax Credit (CTC), you can reduce the amount of money you owe on your federal taxes. The amount of credit you receive is based on your income and the number of qualifying children you are claiming.
Most eligible people already received their Economic Impact Payments. People who are missing stimulus payments should review the information on the Recovery Rebate Credit page to determine their eligibility to claim the credit for tax year 2020 or 2021.
Completing the forms is just the beginning. The IRS will ask you for rafts of financial documentation -- pay stubs, bank records, vehicle registrations, and myriad other items. This is an exhaustive, time-consuming process. Some taxpayers wind up submitting box loads of documents to the IRS to support their OIC request.