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Advance Child Tax Credit
Tools to help you make decisions.
Article credit to National Association of Tax Professionals
Advance Child Tax Credit Payment Online Tools
The IRS just launched new online tools designed to help families manage and monitor the advance monthly child tax credit (CTC) payments. The first payment will be made on July 15, 2021.
The tools include:
Child Tax Credit Eligibility Assistant: allows families to answer a series of questions to quickly determine whether they qualify for the advance credit
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
Child Tax Credit Non-filer Sign-up Tool: allows eligible individuals who don’t normally file an income tax return register for payments
More features coming to the portal soon Coming soon, families will be able to use the Child Tax Credit Update Portal to check the status of their payments. In late June, people will be able to update their bank account information for payments starting in August. In early August, a feature is planned that will allow people to update their mailing address. Later this summer and fall, individuals will be able to use this tool for things like updating family status and changes in income.
Update portal allows for unenrollment Instead of receiving these advance payments, some families may prefer to wait until the end of the year and receive the entire credit as a refund when they file their 2021 return. In this first release of the tool, the Child Tax Credit Update Portal enables these families to quickly and easily unenroll from receiving monthly payments.
The unenroll feature can also be helpful to any family that no longer qualifies for the Child Tax Credit or believes they will not qualify when they file their 2021 return. This could happen if, for example:
Their income in 2021 is too high to qualify them for the credit
Someone else (an ex-spouse or another family member, for example) qualifies to claim their child or children as dependents in 2021
Their main home was outside of the United States for more than half of 2021
Accessing the portal To access the Child Tax Credit Update Portal, a person must first verify their identity. If a person has an existing IRS username or an ID.me account with a verified identity, they can use those accounts to easily sign in. People without an existing account will be asked to verify their identity with a form of photo identification using ID.me, a third party trusted by the IRS. Identity verification is an important safeguard and will protect your account from identity theft.
For additional information on the advance Child Tax Credit, please refer to this article: