GREENSBORO, N.C. — You're hearing everyone else talk about the payment from the IRS for the Advanced Child Tax Credit, but you didn't get it. It could be you need to give the IRS more information about your new dependent, update income information, or even your address.
First, let's make sure you are eligible.
INCOME THRESHOLDS
$75,000 for single taxpayers
$150,000 for joint filers
To receive the full payment you must be under these thresholds, with payments reduced by $50 for every $1,000 of income above those limits. The payments phase out entirely for single taxpayers earning $95,000 and joint filers earning $170,000.
QUALIFYING CHILDREN:
Ages birth to 17 years of age by end of 2021.
NEED TO MAKE CHANGES TO YOUR ADDRESS INFORMATION?
The portal to do that is expected to be up by early August.
NEED TO UPDATE DEPENDENT, INCOME OR MARITAL STATUS?
The portal to do any of those things is expected by late summer.
When it's up and running and you put in your info, the IRS is expected to send you whatever payments you missed with the next upcoming payment.
WHAT PAYMENT CAN YOU EXPECT?
Parents will get $300 for each child under the age of 6
and $250 for each child ages 6 to 17 years old.
WHEN DO THE PAYMENTS COME?
The advance payments on the Child Tax Credit will be made once a month through December. Each of the due dates is the 15th of the month except for August when the 15th falls on a weekend. That payment will be made on August 13.
WILL THIS COUNT AGAINST ME AT TAX TIME?
Yes and No. This is not income that you will be taxed on, so no, it doesn’t count against you.
This is half the total of the entire tax credit that you claim on your 2021 taxes in 2022. If you like to get all of the tax credit at one time, you’ll want to unenroll in this payment program.
OPT-OUT OR UNENROLL
To opt-out or unenroll, you need to go to the IRS website. You only need to unenroll one time for it to be effective. You can also choose to get some payments and unenroll from the rest. There is a timeline for unenroll deadlines for each payment.
If you opt-out or unenroll, you will claim the full credit during tax time.
To unenroll or opt-out, you use the Child Tax Credit Update Portal.