The IRS introduced two new online tools that let you (1) check your eligibility status to determine if you and your family qualify for the child tax credit payment and (2) verify or opt out of the monthly transactions to receive the money in one lump sum.
Earlier this month, IRS released a portal to help users check on their child tax credit payment and tax returns. Generally, the online tool is for individuals who do not typically file their tax returns. Families need to update their financial status through the IRS portal so they can qualify for the financial benefits like the $300 monthly child tax credit payment.
The first wave of child tax credit payments will start rolling out on July 15. There are two new online tools you can use to check on the upcoming Child Tax Credit.
Child Tax Credit Tracker: Eligibility Assistant
First, you should determine if you qualify for the advance credit payment. An online eligibility assistant would ask for your personal information to help evaluate your status. This tool could also measure how much you might receive from the Child Tax Credit payment, or warn you if the money would phase out due to your earning status.
To use the tool, head to this website. Click on "Check Your Eligibility." This should redirect you to a different page that asks you a few questions, so select the answers that best match your circumstances.
A prompt notification saying "You Don't Qualify for Advance Payments of the Child Tax Credit" will automatically show up if your answer implies that you are not eligible for the financial aid.
Unenroll from Advance Child Tax Credit Payment
The second online tool released by the IRS is the "Child Tax Credit Update Portal." After checking if you qualify for the program (by doing the steps above) you can now monitor the status and delivery of your Child Tax Credit Payment. IRS also gives you the option to drop out of the monthly payments entirely.
If you want to receive the Child Tax Credit money in a $3,600 payment, then you have to "Unenroll from Advance Payments." Clicking on it will redirect you to a page that requires you to sign in with ID.me or your pre-existing IRS account. Fill in your account details so you could complete the process.
Child Tax Credit Tracker: Online Calculator
An online calculator is also available in Cnet that lets you compute how much money you could get from the Child Tax Credit 2021. To use it, you need to provide information like your: filing status, adjusted gross income, number of children age 5 and under as of December 2021, and number of children age 6 to 17 as of December 2021. Click on Calculate to get an estimate of how much money you should receive from the Child Tax Credit.
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