People receiving Advance Child Tax Credit Payments must update their information if their income has substantially changed in 2021. Keep reading to learn more about these payments and discover how to update your information.
What Are the Advance Child Tax Credit Payments?
The Advance Child Tax Credit Payments are a measure designed by the U.S. government to help families that have been financially hit by the COVID-19 pandemic.
The full credit ($250 or $300 per child) is for working families that make up to $150,000 for a couple or $112,500 for families with a single parent. After those limits, the payments begin to phase off gradually.
Don’t Forget to Update Your Income Information
Advance Child Tax Credit Payments began hitting the accounts of taxpayers on July 15. If your income has substantially increased or decreased in 20221, then you need to adjust your information so that your payments increase or decrease accordingly.
The IRS has added a new functionality to the Child Tax Credit Update Portal so that people can update their information more easily. To update your info, just visit the portal and follow the instructions.
Keep in mind that any changes you make will apply to the December payment. The November payment, which will go out on November 15, will be issued according to your previous income information.
You Can Still Sign Up for the Advance Child Tax Credit Payments
If you are not receiving the Advance Child Tax Credit Payments yet, you can still sign up. The deadline is November 15, so there’s plenty of time. You can get these payments even if you don’t work or if you have no income.
If you have any questions about the Advance Child Tax Credit Payments or need assistance with any other tax topic, don’t hesitate to contact today the friendly experts at Delgado’s Insurance.
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