The advance child tax credit allows qualifying families to receive early payments of the tax…
The IRS has provided instructions for returning advance child tax credit payments (CTCs) that the recipient did not qualify for or, for other reasons, wishes to return.
Because of one or more of the following reasons some taxpayers who do not qualify for the 2021 advance of the CTC will get 2021 advance payments:
IRS says that the same procedures apply for returning these advance payments as applied to the return of the Economic Impact Payments that were provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act (PL 116-136).
Specifically, IRS refers taxpayers to Economic Impact Payment Information Center – Topic I: Returning the Economic Impact Payment, which says:
If the payment was a paper check:
If the payment was a paper check and you have cashed it, or if the payment was a direct deposit:
IRS also refers taxpayers to the abovementioned Economic Impact Payment Information Center webpage for a list, by taxpayer’s state of residence, of where to mail returned paper checks.
Note: Presumably, the only change that an advance CTC returner needs to make to the above instructions is to write “2021 advance CTC,” instead of “2020EIP” on any personal check that the taxpayer submits to IRS.
As the 2025 tax filing season approaches, the IRS encourages taxpayers to take proactive steps…
Tax season is underway, and many taxpayers are eagerly awaiting updates about their refunds. If…
Tax season is here, and many taxpayers are eager to get their refunds as quickly…
A cycle code is an eight-digit code found on your account transcripts. The cycle code…
Order would put an end to Navient’s years of abuse of students and taxpayers in…
Running a home-based business comes with many perks—flexibility, no daily commute, and the comfort of…
This website uses cookies.