The Internal Revenue Service (IRS) has released two new online portals aimed at helping families determine eligibility for the Child Tax Credit (CTC) — the Child Tax Credit Eligibility Assistant and Child Tax Credit Update Portal.
The Child Tax Credit Eligibility Assistant features a series of questions to quickly determine whether or not you are eligible for the advance credit. You can access this assistant here.
The Child Tax Credit Update Portal offers eligible families the option to opt-out of the advanced monthly payments and elect to receive the CTC as a lump sum with their 2021 tax return. The ability to opt-out may also be helpful to those that feel they may no longer qualify for the CTC due to increased income or a change in who is claiming dependents in 2021. Additionally, later this summer, the IRS will be rolling out added features to this Update Portal that will allow families to check payment status, update their bank account and address information, and update their family status and income. The Update Portal can be found here.
These two new portals are in addition to the Non-Filer Sign-Up Tool announced last week. This tool can be found here and allows families who do not typically file an income tax return to register for the CTC.
For more details about the Child Tax Credit, estimated payment details, and when advanced payments start, check out our Child Tax Credit Blog. As always, we are here to help guide you and your family.
Coffey, who went to Northern Illinois University to earn a master’s in accounting with a tax emphasis before passing the CPA exam, joined Eder, Casella & Co. in May of 2018. Adam stays active in the community through various activities with his young son and daughter and as a member of the Barrington Breakfast Rotary Club.