Advance Child Tax Credit Payments for 2021

 

According to the IRS website, it was announced that the IRS will be paying half of the total Child Tax Credit Amount in the form of advance monthly payments. These payments are scheduled to start July 15th, 2021. You can claim the reminder of your Child Tax Credit on your 2021 Income Tax return. However, these changes will apply to tax year 2021 only.

To qualify for advance Child Tax Credit payments you, or your spouse, if filed jointly must have:

  • Filed a 2019 or 2020 tax return and claimed a child tax credit on the return OR
    • Given the IRS information in 2020 to receive Economic Impact Payments (stimulus check) using the non-filers tool AND
  • A main home in the United States for more than one year or file a joint return with a spouse who has a main home in the US for more than half the year.
  • A qualifying child who is under age 18 at the end of 2021 who has a valid social security number.
  • Made less than certain income limits.
  • If you are not sure if you qualify, you, You can check your eligibility here.

The IRS will use information from their records to automatically enroll those who are eligible for advance payments.

 

Managing your payments:

  • Check to see if you are enrolled.
  • Unenroll to stop getting advance payments.
  • Provide or update bank account information for monthly payments, starting with the August payment.
  • Take action to manage your payments here.

 

If you are not required to file a tax return and haven’t provided the IRS with your information you can do so here.

The ABA Banking Journal announced on July 12th that this Online Child tax Credit Took is now available in Spanish. You can view the Spanish resources HERE.