WASHINGTON, D.C. (NEWS10) – The Internal Revenue Service (IRS) has announced a new online portal that will allow any family receiving monthly Child Tax Credit payments to update their income status. The IRS urges families to enter any significant income changes by midnight on Monday, November 1. In order to reflect any income adjustments to payments scheduled for November. 15.
According to the IRS, the new income feature helps families make sure they are getting the right amount of advance Child Tax Credit payments during 2021. It is especially useful to any family who wants to raise or lower their monthly payments because their 2021 income has risen or fallen substantially, compared to 2020.
IRS says small changes in income will not impact the payment amount and need not be entered into the Child Tax Credit Update Portal. However, the IRS says in most cases, big income changes can either raise or lower a family’s monthly payments.
Any change to the monthly payment amount will be reflected in both November. 15 and December. 15, but only if a person completes their updated income request before midnight, on Monday. which is the last scheduled monthly payment for 2021 said the IRS.
To assist families further in planning ahead, the IRS will also launch in late November, a new Spanish-language version of the CTC UP.
The IRS has created a special Advance Child Tax Credit 2021, that is designed to provide the most up-to-date information about the credit and the advance payments. Families can check their eligibility by visiting the IRS.gov webpage.