Do youpayments going out in about a month? To figure out if you and your family are eligible, you need to juggle a bunch of numbers, know your total income and keep straight different rules for different child age groups. And if you , you’ll have to show where the child lives most of the year.
There are some easy ways to know if you’ll get a July check and toof your total over the year, however. And there will soon be more information at your fingertips as the IRS rolls out payments and unveils new online portals to assist parents with things like updating their household details.
The ins and outs of eligibility don’t have to be too daunting. If you’re looking for more information about the child tax credit,and tips for how to . (Here are more details on and what could be .) We update this story frequently.
1. Look out for two letters from the IRS
If a letter arrives in your mailbox from the IRS, don’t fret. Chances are, it’s the tax agency letting you know you’re one of 36 million families who may be eligible for a child tax credit payment. The IRS will send the letter if it has determined that you could qualify for child tax credit money, based on your 2019 or 2020 federal income tax return. If you don’t typically file taxes, the IRS can use any information you submitted online using what’s called the, to flag you for eligibility if you have kids.
That’s just the first letter giving you a heads-up that you might qualify. The IRS plans to send a second letter to confirm that you’re eligible, and to estimate how much child tax credit money you could get when payments start July 15. To recap, the tax credit is up to $3,600 per child under age 6, and up to $3,000 for each child ages 6 to 17. When broken down into the advance monthly payments you could choose to receive this year, that’s $300 or $250 per child.
You don’t need to do anything if you receive this letter, except hold on to it in case you need to reference it later on.and other people who don’t get the letter, don’t worry quite yet. Here’s more to know about , and read on for more qualification tips.
2. Use the coming IRS child tax credit portals
By the end of June, the IRS intends toto help you get your child tax credit money. They’re a little complicated, but the most important thing to know is that they’ll tell you if you qualify for the child tax credit and help you monitor your payments.
The online portals will also let you add new information, correct or update outdated details — like the number of kids you have — and make a few other decisions about opting out of several smaller payments.
3. Review child tax credit rules and calculate your total
Instead of waiting for the IRS to send you a letter, you can make an educated guess about your qualification status fairly easily. We think the fastest way is to use our. Just enter your yearly income and number of kids. Don’t worry — the calculator is private and anonymous and won’t store or use any of your personal information.
For the most part, the calculator tool will tell you what you need to know. However, there are some outlier qualifications that could crop up. For example, in some cases it’s possible.
And whilewill generally qualify for the full amount, that could change if you share custody of a child. US citizenship also plays a role, so if any of your kids are adopted from another country, you’ll want to make sure you know all the .
For more, here how to see if your, how you could and if you could expect a refund for the .