If for any reason your income was substantially higher or lower in 2021 than in 2020, don’t forget to update your Child Tax Credit Payments information so that your payments increase or decrease accordingly.
How to Update Your Information
The Child Tax Credit Payments are monthly payments issued by the United States government to help working families with the impact of the COVID-19 pandemic.
The first payments were delivered on July 15 of this year. Since then, millions of families have received these payments every month.
The amount of the payments people receive is based on information from previous years. If your income increased or decreased substantially, it’s a good idea to update your information so that your payments are adjusted accordingly.
To update your income information, just visit the Child Tax Credit Update Portal on the IRS official website and follow the instructions.
Any change you make will be reflected on the payment that will go out on December 15, which is also the last payment scheduled for 2021.
About the Child Tax Credit Payments
The Child Tax Credit Payments are a measure included in the American Rescue Plan.
Since last July, families all over the United States have received up to $300 for every child who’s five or younger and up to $250 for every child ages 6 to 17.
The full amount of the payments is for families that:
- Make up to $150,000 for couples.
- Make up to $112,500 for families with one parent.
After those limits, the amount of the payments begins to phase off gradually.
If you haven’t enrolled yet to receive the Child Tax Credit Payments, you still have until November 15 to do it. Don’t miss this opportunity!
Contact the Experts at JT Tax Services
Do you need assistance with personal or business taxes? JT Tax Services is here to help! We give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.
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