Eligible families can now update their income in the Child Tax Credit Update Portal on IRS.gov.
This feature should be helpful to families who want to raise or lower their Child Tax Credit payments. Changes will be reflected on the last two payments for November and December.
Fortunately for many Americans, the IRS recently upgraded their Child Tax Credit update portal to include income change functionality. Families who experienced significant income changes between 2020 to 2021 should immediately use this tool.
Why You Should Use Child Tax Credit Update Portal
For reference, the ongoing Child Tax Credit payments give out up to $1,800 for each child under age six and $1,500 for each child ages six to 17. Since July, the budget is being distributed as $300 and $250 monthly payments. The payments are delivered every 15th of the month.
Unfortunately, some eligible families are receiving payments below what they qualify for. Others received more than they expected. These numbers are being influenced by their latest tax returns, either 2019 or 2020.
As previously mentioned, families who experienced income changes should immediately utilize the Child Tax Credit update portal and reclaim their owed money. According to IRS, the November and December payments will be adjusted to catch up to the proper amounts after changes are recorded. This means either bigger or smaller monthly payments, depending on circumstances.
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How to Change Income Information on the Child Tax Credit Portal
Keep in mind that the portal is only accessible to families who are currently receiving their monthly payments. For low-income groups and non-filers who are interested in applying could use this non-filer online tool instead of the CTC portal.
Families who might have lost their jobs or regained a new one are some examples of those who can file for an income change. To use the new feature, head to their website. Click on "Manage Advance Payments" and complete the follow-up instructions. IRS said the new upgrade also lets families use the Child Tax Credit update portal to:
- Switch from receiving a paper check to direct deposit.
- Change the account where their payment is direct deposited.
- Update their address information.
- Stop monthly payments for the rest of 2021.
According to IRS, the portal will acknowledge the income change but will not display it on the screen. IRS representatives will be unable to confirm about recent updates either. So be extra careful whenever submitting a new change on the tool and double check the information provided. These changes might also take a while to process.
Payment Changes for November and December
IRS announced that any changes made by midnight on Monday will be reflected on the November 15 payment. However, if recipients missed the timeframe, then they should receive the usual CTC amount.
Eligible filers have a second chance to change their information starting Tuesday because any changes submitted before the end of November 29 will be reflected on the December payment. This deadline is still three weeks away, which should give families plenty of time to think and update their information.
Related Article: Fourth Stimulus Check Update: New $1100 California Payments Coming Soon, Child Tax Credit Extension Facing Issues
