In the coming weeks,for this year’s child tax credit will gain access to additional online tools. Two IRS portals will allow parents to update key information like marital status, change in income and number of kids, as well as defer the monthly . In other words, families can choose to unenroll from the automatic monthly installments and instead receive the full amount of the credit when they file their 2021 tax return next year.
If you don’t know how much your family can expect to get when the checks roll out on July 15, use our. The IRS is also sending out an initial letter to 36 million families who may . A second will also go out to families informing them of their estimated yearly total — up to $3,000 (or each child aged 6 to 17) or $3,600 (for children under 6).
That’s why it’s important that the IRS has all your correct information on hand. We can also suggest some, give you details on how you might and tell you how to claim . We are updating this story as the IRS releases more information.
What are online child tax credit portals for?
Here are how the IRS portals will help parents with eligible dependents, according to the IRS:
- One portal will help you determine whether you qualify for the advance child tax credit payments.
- The second online tool — which the IRS is calling the “Child Tax Credit Update Portal” — will let you opt of of the advance payments to instead receive one payment in 2022. Later this year, the IRS said, this portal will allow you to check on the status of your payments and update the IRS with your current information. Those who can also use this portal to update the IRS with their status — including changes to the number of dependents, filing status or income — so they can receive the correct amount they qualify for.
Are any online tools available now for nonfilers to update info?
The IRS has set an open deadline of July 1 for the portals, though we don’t have an exact date yet. They could be up and running sooner than that.
In the meantime, the IRS has created a child tax credit “Non-filer Sign-up Tool,” which is for those who aren’t required to file a tax return and for those who haven’t given the agency basic information on dependents that they need to secure their eligibility. This tool can be used by families that didn’t file or don’t plan to file a 2020 tax return and who need to notify the IRS of qualifying children born before 2021.
In order to use the tool, families must have a primary residence in the US for more than half the year. (Parents who claimed all their dependents on a 2019 tax return or filed a 2020 return should not use the tool.) To register through the nonfiler tool, parents should have their personal details on hand, including an email address, Social Security numbers for dependents and a bank account routing number.
Will the portals let parents unenroll in the advance payment program?
The main portal will let you