The Child Tax Credit: All Your Options on How to Get This Stimulus Payment

The Child Tax Credit: All Your Options on How to Get This Stimulus Payment

Available exclusively on IRS.gov, the Child Tax Credit Eligibility Assistant allows parents to answer a series of questions about themselves and their family members that will determine whether they indeed qualify for the credits.

 

Here's What You Need to Remember: For those who are looking for more options regarding their credits, make sure to check out the Child Tax Credit Update Portal, which, according to the IRS, will allow them to “choose to, unenroll, or opt out from receiving the monthly payments so they can receive a lump sum when they file their tax return next year.”

The Treasury Department and the Internal Revenue Service are urging potentially eligible families to take advantage of a newly launched online tool that can help them determine whether they qualify for the expanded child tax credits.

 

These new recurring monthly payments, approved under President Joe Biden’s $1.9 trillion American Rescue Plan, will begin heading out to eligible parents beginning on July 15 and will continue till the end of the year.

Available exclusively on IRS.gov, the Child Tax Credit Eligibility Assistant allows parents to answer a series of questions about themselves and their family members that will determine whether they indeed qualify for the credits, which amount to as much as $3,600 per year for a child under the age of six and up to $3,000 for children between ages six and seventeen. Broken down further, that’s a $250 or a $300 direct cash payment for each child every month.

“This new tool provides an important first step to help people understand if they qualify for the Child Tax Credit, which is especially important for those who don't normally file a tax return,” IRS Commissioner Chuck Rettig said in a statement.

“The eligibility assistant works in concert with other features on IRS.gov to help people receive this important credit. The IRS is working hard to deliver the expanded Child Tax Credit, and we will be rolling out additional help for taxpayers in the near future. Where possible, please help us help others by distributing CTC information in your communities,” he added.

Another tool that is particularly useful for those who generally don’t file a federal tax return is the Non-filer Sign-up Tool, which will give the IRS the necessary information, such as an address and bank account and routing numbers, to properly issue the child tax credits.

This tool was “developed in partnership with Intuit and delivered through the Free File Alliance … (and will provide) a free and easy way for eligible people who don't make enough income to have an income tax return-filing obligation to provide the IRS the basic information needed,” according to the IRS.

For those who are looking for more options regarding their credits, make sure to check out the Child Tax Credit Update Portal, which, according to the IRS, will allow them to “choose to, unenroll, or opt out from receiving the monthly payments so they can receive a lump sum when they file their tax return next year.”

“The Update Portal is a key piece among the three new tools now available on IRS.gov to help families understand, register for and monitor these payments,” Rettig noted in a statement.

“We will be working across the nation with partner groups to share information and help eligible people receive the advance payments,” he added.

 

Ethen Kim Lieser is a Minneapolis-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn. This article first appeared earlier this year.

Image: Reuters.