Important changes to the Child Tax Credit will help many families get advance payments of the credit starting this summer. The IRS will pay half the total credit amount in advance monthly payments beginning July 15. You will claim the other half when you file your 2021 income tax return. These changes apply to tax year 2021 only.
You may opt out of advance child tax credit payments, for more information on why you may need to do so, please contact us.
To qualify for advance Child Tax Credit payments, you — and your spouse, if you filed a joint return — must have:
- Filed a 2019 or 2020 tax return and claimed the Child Tax Credit on the return; or
- Given us your information in 2020 to receive the Economic Impact Payment using the Non-Filers: Enter Payment Info Here tool; and
- A main home in the United States for more than half the year (the 50 states and the District of Columbia) or file a joint return with a spouse who has a main home in the United States for more than half the year; and
- A qualifying child who is under age 18 at the end of 2021 and who has a valid Social Security number; and
- Made less than certain income limits.
To un-enroll from the Advanced Child Tax Credit Payments or use the Non Filer Tool, go to https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021
Our professional staff is available to answer your questions – call us at 814-333-2488 or email at info@meadvilletaxservice.com
