The Child Tax Credit Portal has been updated shortly before the deadline to make payment changes on December 15th.
The Spanish version of the Internal Revenue Service’s Child Tax Credit Renewal Portal has begun just in time to make changes to the final monthly payment information and payments for the year. This tool was previously only available in English.
The deadline for payment changes on December 15th is 11:59 pm EST on the upcoming Monday, December 29th. Recipients can use this tool to opt out of monthly payments, report changes in annual income, switch from paper checks to direct deposits, update bank account information, and post mailing addresses. You can update it.
Credits are $ 3,600 per year for children under 6 years old and $ 3,000 for children 6-17 years old. Eligible families who do not opt out of monthly payments will receive $ 300 per month for each child under the age of 6 and $ 250 for each child older. Half of the total amount will be paid by monthly payment starting in July. The rest will come at the time of taxation next year.
Benefits will begin to be phased out with income of $ 75,000 for individuals, $ 112,500 for heads of household, and $ 150,000 for couples who file tax returns jointly. The amount is based on the 2019 or 2020 tax return that the IRS recently received. Those who do not file a tax return, generally low-income earners, can register using tools other than the filer.
Families with an individual income of up to $ 200,000 and a couple with an income of $ 400,000 will continue to receive $ 2,000. This was a child tax credit for all eligible families before the tax increase was passed under the US Rescue Plan in March.
Monthly prepayments will expire after this year. This is now part of the buildback better package passed by House last week. However, the bill must pass the Senate, where provisions may be added or removed. If the monthly prepayment is not extended, the child tax credit will revert to a $ 2,000 lump sum in 2022 and can be collected at the time of taxation in 2023.
The Spanish version of the IRS Child Tax Portal is now available
Source link The Spanish version of the IRS Child Tax Portal is now available