If your family is receiving monthly installments of the federal government’s new child tax credit, you have until Aug. 30 to update how (and whether) you get the next round of payments.
The next round is scheduled to go out Sept. 15, but next week is the deadline to make any changes, including through a brand-new feature allowing families to update their mailing address, the agency said Friday. The IRS’s child tax credit update portal lets you choose between paper check or direct deposit, change the bank account used for direct deposit, change your mailing address, or stop the payments altogether.
Future updates to the portal will let families update the number of children they’re claiming or report a change in marital status or income, the IRS said. For now, using the new address change feature could help avoid mailing delays or having checks returned to the IRS as undeliverable, according to the agency.
The IRS portal was set up as part of a dramatic change in the distribution of the 2021 child tax credit. The monthly payments—worth up to $300 per eligible child—are an advance on half the full credit that would normally be figured into a tax return. The American Rescue Plan pandemic relief bill also increased and expanded the tax credit, boosting the maximum amount from $2,000 to $3,600 per child (depending on the age of the child and family income) and making the lowest income families eligible for the full amount, whether or not they earned enough to have a tax offset.
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