New tax credits for 20211/23/2024 In late June, people will be able to update their bank account information for payments starting in August. We will be working across the nation with partner groups to share information and help eligible people receive the advance payments." More features coming to the Update Portal soonĬoming soon, families will be able to use the Child Tax Credit Update Portal to check the status of their payments. "The Update Portal is a key piece among the three new tools now available on IRS.gov to help families understand, register for and monitor these payments. "IRS employees continue to work hard to help people receive this important credit," IRS Commissioner Chuck Rettig said. Most families will begin receiving monthly payments automatically next month without any further action required. The first monthly payment of the expanded and newly-advanceable Child Tax Credit will be made on July 15. Eligible families will receive a payment of up to $300 per month for each child under age 6, and up to $250 per month for each child ages 6 through 17. The advance Child Tax Credit payments, which will generally be made on the 15th of each month, create financial certainty for families to plan their budgets. The American Rescue plan increased the maximum Child Tax Credit amount in 2021 to $3,600 per child for children under the age of 6 and to $3,000 per child for children ages 6 through 17. A Spanish version is also planned.īoth the Child Tax Credit Eligibility Assistant and Child Tax Credit Update Portal are available now on IRS.gov. Future versions of the tool planned in the summer and fall will allow people to view their payment history, adjust bank account information or mailing addresses and other features. This secure, password-protected tool is available to any eligible family with internet access and a smart phone or computer. The Child Tax Credit Update Portal allows families to verify their eligibility for the payments and if they choose to, unenroll, or opt out from receiving the monthly payments so they can receive a lump sum when they file their tax return next year. The new Child Tax Credit Eligibility Assistant allows families to answer a series of questions to quickly determine whether they qualify for the advance credit. These two new tools are in addition to the Non-filer Sign-up Tool, announced last week, which helps families not normally required to file an income tax return to quickly register for the Child Tax Credit. WASHINGTON - The Internal Revenue Service today launched two new online tools designed to help families manage and monitor the advance monthly payments of Child Tax Credits under the American Rescue Plan. Child Tax Credit Eligibility Assistant helps families determine whether they qualify for Child Tax Credit payments Update Portal helps families monitor and manage Child Tax Credit payments
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