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  • Child Tax Credit IRS Online Tools

    Advance Child Tax Credit Payment Online Tools

    The IRS just launched new online tools designed to help families manage and monitor the advance monthly child tax credit (CTC) payments. The first payment will be made on July 15, 2021.

    The tools include:

    More features coming to the portal soon
    Coming soon, families will be able to use the Child Tax Credit Update Portal to check the status of their payments. In late June, people will be able to update their bank account information for payments starting in August. In early August, a feature is planned that will allow people to update their mailing address. Later this summer and fall, individuals will be able to use this tool for things like updating family status and changes in income.

    Update portal allows for unenrollment
    Instead of receiving these advance payments, some families may prefer to wait until the end of the year and receive the entire credit as a refund when they file their 2021 return. In this first release of the tool, the Child Tax Credit Update Portal enables these families to quickly and easily unenroll from receiving monthly payments.

    The unenroll feature can also be helpful to any family that no longer qualifies for the Child Tax Credit or believes they will not qualify when they file their 2021 return. This could happen if, for example:

    • Their income in 2021 is too high to qualify them for the credit
    • Someone else (an ex-spouse or another family member, for example) qualifies to claim their child or children as dependents in 2021
    • Their main home was outside of the United States for more than half of 2021

    Accessing the portal
    To access the Child Tax Credit Update Portal, a person must first verify their identity. If a person has an existing IRS username or an ID.me account with a verified identity, they can use those accounts to easily sign in. People without an existing account will be asked to verify their identity with a form of photo identification using ID.me, a third party trusted by the IRS. Identity verification is an important safeguard and will protect your account from identity theft.

    Noel Canon, EA | 06/22/2021

    Enrolled Agent