• Schoelles and Associates

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:




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:





Recent Posts

See All

ERC Changes 2021

Excerpt courtesy of RIPFLI Gregory Butler, CPA As noted above, the ERC was set to expire on December 30, 2020. The CAA extended the ERC for wages paid from January 1, 2021, through June 30, 2021.

Employee Retention Credit

Courtesy of IRS The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March