I normally don’t send these special bulletins, but I wanted to get this to parents ASAP.
You probably heard on the news that the IRS is sending out “advance payments” of $250 – $300 per month for children.
The first advance child tax credit payments went out TODAY (as I write), July 15th.
The payments will continue every month on the 15th until December 15th of 2021.
There’s a lot of confusion and questions about these, so I wanted to get you ACCURATE information about the advance child tax credit payment.
Also, so that you have direct links to certain pages where you can take certain actions if needed.
Please feel free to share this blog with people in your network who may have questions about this topic and need this info.
First, here is the IRS “main page” regarding the Advance Child Tax Credit Payment.
- If you want to check your eligibility for the advance child tax credit payment, you can do that here.
- If you want to update the bank account that the IRS will use to deposit your payments, you can do that here.
- If you want to “opt-out” of payments (i.e. “save” the full credit amounts for your 2021 tax return), you can do that here.
? NOTE: If your income has increased in 2021, relative to past years, you may want to opt-out of these advance payments to avoid any danger of needing to pay back the amounts received.
- If you (or someone you know) doesn’t file tax returns but has kids, the IRS has created a “non-filer tool” here, where you can register yourself and your children, so that you will receive the payments (if you are eligible).
Keep in mind that we are not the IRS (thank goodness) and we are not responsible for anything the IRS does or doesn’t do.
The payments come from the IRS, not Emelia Mensa, CPA 🙂
If something on the IRS website doesn’t work, your advance child tax credit payment doesn’t come “on time,” or anything else regarding this program, we MAY be able to help you, but we are NOT responsible for administering this program, making sure it works smoothly, “checking on” your payment status, or anything of that nature.
If you have questions that you need to ask the IRS, you can visit their website here (they’ve developed an extensive FAQ for this program). Or you can call the IRS at 1-800-829-1040.
Hope that helps and hope you’re beating the heat!
And if you want to get out ahead of your taxes (in general) find us here: waterbury-cpa.com/schedule/
In your corner,
Emelia Mensa EA, CPA