Child tax credit portal: How to manage your monthly payments, opt out and more

While it may be too late to make changes to your IRS account for your child tax credit check that’s coming Sept. 15, you can still update your details for future payments. Parents who find the monthly payment schedule too complicated can opt out of future checks using the IRS Update Portal. Because access to the portal is essential for managing all your payments and personal details, we recommend taking the time to create an account with ID.me.

Sometime this month, you’ll be able to use the portal to amend the number of dependents you have, your marital status and your income. Informing the IRS of those household changes will help guarantee that your family is getting the right amount of the child tax credit, which could be up to $3,600 for each kid spread out between 2021 and 2022. Updating your details is key to making sure the IRS doesn’t send an overpayment, which could then negatively affect your taxes next spring.

The Update Portal also lets you see how your last payment was processed if you’re worried about missing a check. We’ll explain below how to unenroll online if your family wants to defer the partial monthly payments this year. We’ll also tell you a way to confirm your eligibility through an easy IRS tool and how to use a separate portal designed for low-income families to register for the credit. We’ve made recent updates to this story.

How to opt out of the October check and beyond

The Child Tax Credit Update Portal now lets you opt out of receiving this year’s monthly child tax credit payments. That means that instead of receiving monthly payments of, say, $300 for your 4-year-old, you can wait until filing a 2021 tax return in 2022 to receive the remainder of the $3,600. You can unenroll at any time, but you must opt out at least three days before the first Thursday of the month you’re unenrolling from (here’s a useful list of dates to know). At this point, the IRS says unenrolling or opting out is a one-time action — and you won’t be able to opt back in until late September.…Read more>>

Source:-cnet 

Register Form

Name
Email Address
Phone No