For those waiting for fourth stimulus check updates and other monetary benefits from the government, then you're in the right place.
Starting Monday, families can now update their income changes on the child tax credit portal. Eligible recipients who changed their information could either raise or lower their remaining monthly payments.
The online petition for a fourth stimulus check is also nearing its completion despite making slow progress.
According to Forbes, the Internal Revenue Service (IRS) promised to let families update their information in the child tax credit update portal. They finally launched the feature this month. On top of updating their income, eligible families can use the online tool for other purposes, too.
Why Should You Update Your Child Tax Credit Information?
Depending on circumstances, eligible recipients might be underpaid or overpaid on their CTC payments. The issue applies to families who had big income swings in 2020 and 2021. The swing can be either higher or lower income earnings.
These changes will be recorded on the incoming CTC payments, which could either increase or decrease the money. Here are some examples to explain the situation:
- If you earned lower than your declared, then you should be eligible for bigger CTC payments. The extra money will be added on top of the November and December payments.
- If you earned more than you declared, then you should be eligible to lower CTC payments. The money receivable will be reduced to lessen the 2021 tax bills next spring.
For reference, the maximum CTC payment should be $300 per month for each child age under six and $250 per month for each child ages six to 17.
When Should You Use the Child Tax Credit Portal?
Along with the update announcement, IRS issued an urgent warning for eligible recipients. It said November 15 payments will only reflect changes made on or before Monday midnight. Changes made after that date will be reflected on the December 15 payment instead.
Keep in mind that the current CTC payments are only half of the advance child credit program. The second half of the amount should be available next year.
What Else Can You Do on the Child Tax Credit Portal?
According to IRS, the newly updated website should also let users:
- Switch from receiving a paper check to direct deposit;
- Change the account where their payment is direct deposited;
- Update their home address or
- Stop monthly payments for the rest of 2021.
Online Petition for a Fourth Stimulus Check
It is also worth noting that the online petition for a $2,000 monthly payment is nearing completion. At the time of writing, it had already reached 2,994,959 out of its 3 million goal. Its creator, Stephanie Bonin, also issued an update asking Congress not to "ghost (American) families!"
Despite its number of supporters, both the White House and Congress have yet to acknowledge the existence of this ongoing online petition. At worse, it might even end up completely being ignored despite reaching completion later this year.