Advance Child Tax Credit Payments in 2021
www.irs.gov will open a portal to opt out of receiving ADVANCED child tax credit payments on July 1. Opting out results in getting the full amount with your tax refund next year.
- Noncustodial parents do not get anything unless they claim the child on their tax return.
- New babies will not get these payments until tax time.
- You do not have to do anything to get your payment next month.
- It comes by check or direct deposit. You do not have to go pick it up.
- If you move, change your address with the IRS. https://www.irs.gov/forms-pubs/about-form-8822
- Advance payments are NOT taxable & will not increase your income.
- Tax preparers are not IRS agents & cannot provide IRS customer support.
- The IRS has a lot of info on their website!
All the information or questions you will need are in the links below. We have approx. 800 clients with children, this is the easiest way to educate everyone.
2021 Child Tax Credit and Advance Child Tax Credit Payments Frequently Asked Questions
Manage Advance Child Tax Credit Payments in 2021
https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021