What Do I Need to Know About Advance Child Tax Credit Payments?
July 12, 2021
Congress expanded Child Tax Credits for 2021 as part of the American Rescue Plan in an effort to provide relief to families due to COVID-19. With that said, there are many questions surrounding this initiative. Here are some facts and bits of information to help you make the most informed decisions for your family regarding Child Tax Credits for 2021.
- For qualifying households, the full payment amount is $300 per month for each child 0 to 5 years old and $250 per month for each child 6 to 17 years old.
- The IRS started sending monthly advance payments to eligible families starting July 15, 2021.
- This credit, which is based on your income, pays out half of that credit now and then you’ll receive the other half when you file your 2021 taxes.
- Those making more than $75,000 a year or those married filing jointly making over $150,000 a year will not receive the full payment amount.
- You don’t need to do anything to receive the credits if you filed taxes in 2019 or 2020, and all of your information is still the same.
- Those who were not required to file taxes in 2019 and 2020 will use the IRS non-filer tool to submit their household information to the IRS. Visit the Child Tax Credit Non-filer Sign-up Tool on the IRS website for specifics regarding this tool (The IRS recommends using a laptop or PC to use this tool).
- You can update information on the IRS’s Child Tax Credit Update portal if you filed taxes in 2021 but some of your information has changed..
- You can also opt out of the advance payments at the IRS’s Child Tax Credit Update portal. Note: if you are married and file jointly, both you and your spouse will need to opt out of this. If both of you do not, you will receive the payment.
- You may wish to opt out if you claimed a child on your 2020 taxes who you will not be able to claim for 2021 or someone else can claim your child for 2021.
- Visit the IRS’s Child Tax Credit Update portal to add qualified dependents if you are an expecting mother.
- Families who need assistance should reach out to Childtaxcredit.gov for help.
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