In two weeks, we will have the last batch of stimulus payments that will go out as part of the America Rescue Plane. This means millions of Americans will see more money landing in accounts then. But, today is the the last chance to make any changes to it for your final payment or to make sure you get it if you have not already.
Today is the Last Day to Update Your Information for the Stimulus Payments
Link: IRS CTC Portal
The America Rescue Plan passed earlier this year came with an increase in the Child Tax Credit and began making half of those payments in July. These payments have been going out on the 15th of each month since then and will have the last one on December 15.
The amount is $250 per month for children aged 6-17 and $300 per month for children aged under 6 for each month from July – December.
The IRS has launched a new portal this month that will allow you to update your income for the Advance Child Tax Credit. If you are making more than you had in 2020, you will want to update it before the final payment to make sure you get the appropriate amount and you do not end up having to pay it back next year.
At the same time, if you are making less than you did in 2020, you can update your income to make sure you receive the proper amount for December. It is too late to do it for November but at least you can make sure that your final Advance Child Tax Credit of the year is correct.
This is important – if you have had an income change this year that puts you above or below the amounts below (as shown in the table below), you should update using the portal above to make sure you get the correct amount next month.
Here is the information you can make changes to:
- Switch from receiving a paper check to direct deposit;
- Change the account where their payment is direct deposited;
- Update their mailing address;
- Stop monthly payments and
- Reflect significant changes in their income that could potentially raise or lower their monthly payments.
You must do this before November 29, 11:59PM ET.
Here is what the IRS says on this:
If you are eligible to receive advance CTC payments, you can provide us an estimate of your 2021 income in the Child Tax Credit Update Portal (CTC UP). You can use this online portal to estimate the income you plan to report on your 2021 tax return. We will use that income estimate to recalculate our estimate of your 2021 Child Tax Credit and the amount of your monthly advance Child Tax Credit payments.
Consider providing us an estimate of your 2021 income if either:
- You expect your modified adjusted gross income in 2021 to be higher than the threshold below.
- Your modified adjusted gross income in 2020 was higher than the threshold below.
It is now too late to sign-up if you have not yet received any of the advanced child tax credit payments but you will be able to apply for the full amount ($3,600 for children under 6, $3,000 for children ages 6-17) next year on your 2021 taxes.
IF you are not required to file, or you have other questions, please visit the IRS FAQ page to help you with all the information you will need to be able to obtain the lump sum next year.