Your income can now be updated with the new feature of the Child Tax Credit Update Portal. These changes should be made by November 29, 2021 so that these updates are reviewed in the December payment. Once this has been updated, the payment will be adjusted to verify everyone that they receive the total advance payment of the year. For a married couple, the income update will be applied to each spouse which can influence both of their future monthly advance payments for the child tax credit.
This feature can assist families with obtaining the accurate amount of advance child tax credit payments for the year. This can also allow families to increase or decrease the monthly payments due to their income changing significantly from 2020. Changes will only impact the December 15 payment if they are done before midnight on November 29. Keep in mind that is the final scheduled monthly payment for this year. Remember to claim the last segment of the child tax credit on your 2021 tax return.
On some occasions, families may be eligible to get their payments increased if they are getting monthly payments under the maximum. For more information, take a look at IRS.gov.
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