The countdown is on for the Julypayments — have you done what’s necessary before the 15th? Between this year and next, will get up to $3,000 for kids between the ages of 6 and 17 and up to $3,600 for children under age 6. Half of the total credit will be split into advance monthly payments through December; the rest will be paid out in 2022.
You can now go online to make sure you’re registered and to update the IRS on your bank details (you won’t be able to change your mailing address, income or number of children until later). An eligibility tool helps families figure out if they qualify. An additional nonfiler tool allows families that don’t normally file taxes to register for the credit. An update portal gives parents the choice tothis year if you prefer a large payout next year instead.
The IRS portals are designed to make the process go smooth and to make sure you get the right amount of money (useto check, too). If you’re worried about how the credit could in 2022, the update portal can ease those concerns, and we’ll tell you how. You’ll need personal documents on hand along with our navigation tips to . We have recently updated this story.
Most families that qualify for the expanded credit don’t need to take any action if they want the advance payments this year. If you already filed a 2019 or 2020 federal income tax return (or used the non-filer tool in 2020 to register for a stimulus payment), you’ll get the credit automatically. And the credit is nonrefundable, so you don’t need income to get it.
The online tools are useful for a variety of reasons. Here’s how they help parents with eligible dependents:
- The Child Tax Credit Update Portal lets you verify that your family qualifies for the credit and opt out of receiving any payments in 2021. (The next deadline to opt out is Aug. 2.) You can also use it to update your direct deposit information. In the coming months. you’ll use this portal to view your payment history, update your mailing address and inform the IRS on changes in family status, dependents and income.
- A nonfilers’ portal lets you provide the IRS with basic information about yourself and your dependents if you normally aren’t required to file a tax return. The tool is intended to help low-income households register for the payments.
- The Child Tax Credit Eligibility Assistant can help you determine whether you qualify for the advance child tax credit payments.
What other toolkits and resources are available now? The IRS regularly updates its child tax credit FAQ page. White House has launched a website for the child tax credit that provides an FAQ for families, details about eligibility and more downloadable information…Read more>>