Are you eligible for the first child tax credit payment in July? 3 ways to find out
In three weeks, the firstup to $ 300 for each eligible child will be released. With now available to help you manage payments, you now have several ways to see if you are . If you haven’t hit the income limits and your kids are on the age limits, you may be eligible for the money – we show you three ways to check.
However, there are many rules regarding who qualifies and does not qualify, including for people in aarrangement. But if you find out that you are eligible, how much money can you expect from the July 15 check? We can help you you will be okay next year.
If you need more details about the Child Tax Credit, you can read, and see how to use and how this year’s payments could . We’ve also put together some key details about and watch what might be . We recently updated this story.
Look for two letters from the IRS in the mail
If a letter arrives in your IRS mailbox, don’t worry. Chances are, it is the tax agency that tells you that you are one of the 36 million families that may be eligible for a child tax credit. The IRS will send the letter if it has determined that you may qualify for a child tax credit based on your 2019 or 2020 federal income tax return. IRS may use any information you have submitted online, using what is called the non-filtering tool, to let you know if you are eligible if you have children.
It is only the first letter that tells you that you may be eligible. The IRS plans to send out a second letter to confirm you’re eligible and to estimate how much child tax credit you might get when payments start on July 15. To recap, the tax credit can go up to $ 3,600 per child under 6, and up to $ 3,000 for each child aged 6 to 17. When broken down into advance monthly payments that you could choose to receive this year, that works out to $ 300 or $ 250 per child.
You don’t have to do anything if you receive this letter, except keep it in case you need to reference it later.and others who do not receive the letter, do not worry yet. Here is more to know about – and read on for more qualifying tips.
Use both IRS Child Tax Credit Portals and the Eligibility Assistant Tool
As of June 22, the IRS has interactive eligibility assistant, can help families determine if they are eligible – this is useful if you haven’t received a letter in the mail from the IRS regarding your eligibility.to help you get child tax credit money. The portal for , while the second portal called the update portal opened on Tuesday. Another tool, a
Online portals allow you to add new information, correct or update outdated details – like the number of children you have – and make a few other decisions about withdrawing multiple small payments.
Review the Child Tax Credit Rules and Calculate How Much You’ll Get
Instead of waiting for the IRS to send you a letter, you can make an educated estimate of your qualifying status quite easily. We believe the fastest way is to use our. Just enter your annual income and the number of children. Don’t worry, the calculator is private and anonymous and will not store or use any of your personal information.
For the most part, the calculator tool will tell you what you need to know. However, some aberrant qualifications could arise. For example, in some cases it is possible.
And whilewill generally be eligible for the full amount, which may change if you share custody of a child. U.S. citizenship also plays a role, so if one of your children is adopted from another country, you’ll want to make sure you know all of the .
To find out more, check here if your, how could you and if you could expect a refund for the .