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Tax Tip Tuesday: updated information about advance child tax credit payments

The IRS Child Tax Credit Update Portal is now Live and accessible on IRS.GOV.

Millions of eligible families will begin receiving monthly child tax credit payments on July 15. If you don’t want to receive the advance payments, and instead you want to receive the full child tax credit on your 2021 return, you can use the IRS Child Tax Credit Update Portal to opt-out of the advance payments.

For most, the monthly payment will go to the account where you received your 2020 tax refund (or 2019 if that’s the last time you filed). If there wasn’t a bank account tied to your filing, the payment will be sent to the mailing address on your return. Taxpayers can update their account information using the IRS Child Tax Credit Update Portal.

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Later this summer more functionality will be added to the IRS portal to allow updates to personal information that might impact the payment amounts, such as the birth of a child or marital status.

For those who haven’t filed a 2019 or 2020 return and think they might qualify for the new child tax credit, they should file as soon as possible.

When you file your tax return for 2021, the amount you have received in advance child tax credit payments will be subtracted from your full child tax credit. If you received an overpayment of your credit due to the advance, that amount may reduce your refund or be added to your balance due.

To access the IRS Child Tax Credit Update Portal:
-Go to IRS.GOV
-Click on the CHILD TAX CREDIT link
-Sign in if you have already set up an IRS account or click Create New Account
-Follow the on-screen instructions to provide information to set up the secure account. In some cases, users may be asked to create a live video of themselves (using phone or webcam) and/or upload photo identification.

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To opt-out of payments you can also call the IRS CTC Help Line at 1-800-908-4184. However, the IRS CTC Help Line cannot make changes to account information.

** It is always recommended that you keep a log of any payments received from IRS including date, amount,
and reason for the payment. If you have questions about the Advance Child Tax Credit and would like help from the Tax Professionals at H&R Block, please call your local H&R Block office. In Manchester TN call 931-728-6635. H&R Block Has Your Back!

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