$3600/$3000 Child Tax Credit: Can signing up with the IRS portal before July help me get my payment quicker?
Many families are patiently awaiting their payments for the IRS Child Tax Credit in July, and some are even wondering if there are any ways to get the money faster.
Earlier in June, the Internal Revenue Service (IRS) launched a portal to facilitate the distribution of the Child Tax Credit. Under the American Rescue Plan, the trillion-dollar stimulus package passed in March, changes were made to the tax credit’s structure, increasing eligibility and the amount families will receive.
The IRS has said that by using the portal, families can check their eligibility and opt-out should they decide to. As the portal is developed further, those eligible will be able to “check on the status of their payments and make updates to their information, including their bank account information.” Soon the platform will also be available in Spanish.
Tax Filer versus Non-Tax Filier
For those who have filed their 2020 income taxes, registering will not expedite the payment because the IRS already has the information necessary to send it.
However, for those who do not normally file a tax return, using the Non-filer Sign-up Tool as well as the Child Tax Eligibility Assistant can ensure that the IRS has either an address to send a physical check or pre-paid visa gift card or a bank account for the payments to be deposited monthly.
Additionally, shortly, users of the Child Tax Credit Update Portal (CTC UP) will be able to update the following information directly,
- Mailing address;
- Bank account information;
- Report a change in your marital status; and
- Report a change in your income.”
One very important change that can be made on the portal is the number of dependents families can claim.
In the next few months, the IRS has stated that families who have increased the number of dependents they care for since they filed their 2020 tax return will be able to report that information. The CTC UP will allow families to inform the IRS “about the qualifying children you will claim on your 2021 tax return so that we can adjust your estimated 2021 Child Tax Credit – and therefore adjust the amount of your monthly advance Child Tax Credit payments.”
When will the payments begin?
The IRS will begin sending out payments in less than a month. The first send will take place on 15 July, and families can expect payments on the 15th of each month through December of this year. For each child under the age of six, $300 will be sent and $250 for those between the ages of six and seventeen.
The remaining credit value, half, will be claimed by families when they filer their 2021 taxes next spring.