IRS is ready to pay half the total payment for Child Tax Credit in advance to help families this summer. The first advance payment wave will begin on July 15, 2021. You can receive the second half of the payment after filing your 2021 income tax return.
Fortunately, the Child Tax Credit portal has online tools you could use to file and submit for the advance payment option.
Journal of Accountancy reported that IRS opened up a new online site where taxpayers who doesn't need to file their 2020 individual income tax returns can sign up and receive advance child tax credit payments. This tool is designed for individuals who don't usually file their income tax returns and missed out on receiving financial support like stimulus checks and plus-up payments.
Using this tool, eligible applicants could also claim previous financial support, including Recovery Rebate Credits for any amount from the first two rounds of Economic Impact Payments (or stimulus checks) they have missed.
Child Tax Credit Portal
Note, however, that the Child Tax Credit payment is given to families with children born before 2021. Also, IRS reported that you can use the tool if:
- You are not required to file a 2020 tax return, did not file one, or don't have plans to.
- You must be a legal citizen with a main home in the United States for more than half a year.
Unfortunately, you are not supposed to use this tool if you:
- Filed or have plans to file a tax return for 2020.
- Claimed all your dependents on a pre-existing 2019 tax return.
- Have previously updated your 2020 information using the "Non-Filers: Enter Payment Info Here" tool.
- Separated with a spouse at the end of 2020 and does not want to include spouse information.
- Do not have the main house in United State for over half a year.
- Do not have qualifying children born before 2021.
Child Tax Credit Advance Payment: How to Sign Up
To use the new Child Tax Credit portal, IRS said that you need to provide your:
- Full name
- Date of birth
- Email address
- Mailing address
- Valid Social Security numbers or other taxpayer IDs to identify you and your dependents
- Bank account number, type, and routing number, if you have one
- Identity Protection Personal Identification Number or IP PIN that you have received from the IRS earlier this 2021 if you have one
You can use the online tool by heading to this website and creating your own account. Keep your account and password private because this website will contain your highly confidential information.
Schedule of Advance Payment of Child Tax Credit
After applying and confirming eligibility, IRS will begin issuing your advance Child Tax Credit payments. The money will be delivered by direct deposit or paper check. You should receive the payment on July 15. If not, other scheduled dates are August 13, September 15, October 15, November 15, and December 15.
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