If you qualify for the advance child tax credit (CTC) payments, online sign-up is now available through a designated IRS tool. The CTC tool allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up to receive the advance CTC payments. Taxpayers who use the tool can also claim the 2020 recovery rebate credit and the third economic impact payment if you haven’t already done so.
Taxpayers should NOT use the tool if:
You have filed (or intend on filing) a 2019 or 2020 tax return
You claimed all dependents on a 2019 tax return
You reported information in 2020 using the “non-Filers: Enter Payment Info Here” tool
You were married at the end of 2020, unless you include your spouse’s information
You live in a U.S. territory
You do not have a main residence in the United States for more than half the year
You do not have a qualifying child born before 2021 with a Social Security number issued prior to May 17, 2021
When using the secure tool on the IRS’s website, you will be required to enter your name, mailing address, email address, date of birth, social security number for yourself and all dependents, bank account number, and IP PIN (if applicable).
With the advance CTC payments, the IRS will pay half the total credit amount via monthly payments in 2021, beginning July 15. Taxpayers can then claim the other half of the CTC payments when they file their 2021 income tax return. The advance CTC payments consist of up to $300 per month per child under ages 6 and up to $250 per month per child ages 6 through 17. Read more about the schedule for payments and other information about the credit here.
For specific questions relating the advanced child tax credit payments or other pandemic-related incentives, don’t hesitate to reach out to us. We’re always happy to help.