The Internal Revenue Service is making sure that families who are depending on the Child Tax Credit get the money that they’re qualified to receive, so the IRS has debuted a new portal where families can update their income.
But there’s a quick deadline looming to get the update in — midnight Monday.
The IRS launched an updated Child Tax Credit Update Portal Monday morning and is giving families about 24 hours to get the information updated that could be used for the next tax credit payment on Nov. 15.
If you cannot get the income information updated by midnight, the IRS said you can still enter it by Nov. 29 for the Dec. 15 payment.
A taxpayer’s income could have changed because of a change in employment status compared to their 2020 tax records.
A small change of income should not impact the amount of money that is issued for the tax credit advance.
Parents of children under the age of 6 can get a total advance payment of up to $1,800 for the year, while parents of children aged 6 to 17 can get up to $1,500 a year.
The IRS will also be sending out Letter 6419 that will list any CTC advance payments that were issued to a taxpayer during 2021. That will be needed when you file your tax returns in 2022.
For more on the portal and what it could mean for your family, click here.
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