RefundtalkThe Internal Revenue Service today updated frequently-asked-questions (FAQs) for the 2021 Child Tax Credit and Advance Child Tax Credit Payments to describe how taxpayers can now provide the IRS an estimate of your 2021 income using the Child Tax Credit Update Portal (CTC UP). These FAQs update the Advance Child Tax Credit Topic A FAQs by adding a new question,…
Category Archives: Child Tax Credit
Midnight Tonight! IRS deadline to change income info for November 15 Child Tax Credit Payment
The next round of the advance child tax credit is set for Nov. 15. But if you’re worried that you’re getting too much or too little money, well, the IRS is asking that some people who saw their incomes change this year take action by Monday. On Monday, a new feature of an Internal Revenue Service…
Common Questions About the Advance Child Tax Credit Payment
The advance child tax credit allows qualifying families to receive early payments of the tax credit many people may claim on their 2021 tax return during the 2022 tax filing season. The IRS will disburse these advance payments monthly through December 2021. Here are some details to help people better understand these payments. Who is…
Do you have to pay back the Child Tax Credit Payments?
The IRS is now making monthly child tax credit payments to eligible families. Depending on the age of your child, those payments can be as much as $300-per-kid each month from July to December. That’s an extra $1,800 per child in your pocket if you get the full amount for six months. But what if the…
How does a taxpayer’s custody situation affect their advance child tax credit payments?
As many taxpayers with children likely already know, there were some changes made to the child tax credit for 2021. Most notably, part of the credit was delivered to eligible taxpayers in advance of the 2022 tax season in monthly installments (starting July 15, 2021) for those taxpayers who did not opt-out. Additionally, the credit…
Child Tax Credit Payments Will Be Sent This Week
It’s almost time for the fourth batch of monthly child tax credit payments. The first three payments were sent on July 15, August 13, and September 15, while the next payment is scheduled for October 15 – that’s this week! The IRS will also be sending out additional payments every month through the end of the year. For parents…
Tool Available to Track Your Advance Child Tax Credit Payments
The IRS began issuing advance payments of the Child Tax Credit (CTC) in mid-July. Similar to certain other credits with an advance payment option, taxpayers who receive these advance payments will have to reconcile the total amount received on their 2021 individual income tax return. In January 2022, the IRS is planning to send Letter 6419 to all advance CTC…
New stimulus payments are less than a month away… here’s who gets the money
Stimulus payments are being sent out by the federal government this fall. The next payment is scheduled to be delivered in about three weeks. The payments are part of the American Rescue Plan that President Joe Biden signed into law in March. In the middle of October, most American families will receive another payment as part of the expanded…
How long will the child tax credit last?
After parents were issued their child tax credit check on Sept. 15, they’ll have three more monthly payments this year and one next year. Due to changes made in the American Rescue Plan to help families, households receive 50% of the total credit in six advance installments through 2021, and the rest with a tax refund in…
How A Taxpayer’s Custody Situation May Affect Their Advance Child Tax Credit Payments
Parents who share custody of their children should be aware of how the advance child tax credit payments are distributed. It is important to remember that these are advance payments of a tax credit that taxpayers expect to claim on their 2021 tax return. Understanding how the payments work will parents to unenroll, if they…
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