Here's a website that may answer some of your questions about your children / parenting www.healthychildren.org
Making Sense of the 2021 Child Tax Credit / Government Payments (starts July)2021 CHILD TAX CREDIT - GOVERNMENT PAYMENTS
WHAT: Important changes to the Child Tax Credit will help many families get advance payments of the credit starting this summer. The IRS will pay half the total credit amount in advance monthly payments beginning July 15. You will claim the other half when you file your 2021 income tax return. These changes apply to tax year 2021 only. Big difference is the is no bottom income limit – eligible with zero income.
For tax year 2021, the Child Tax Credit is increased from $2,000 per qualifying child to:
WHO: To qualify for advance Child Tax Credit payments, you and spouse (if filed jointly) - must have:
The fastest way to get advance payments is to file your tax return electronically and provide information about your financial account so that you can receive your payments by direct deposit. You can use a bank account, prepaid debit card, or mobile app for your direct deposit and will need to provide routing and account numbers. We will use bank account information from the following sources, in the following order:
What if information about my bank, mailing address, income, or family has changed during 2021?
The IRS will provide on IRS.gov a Child Tax Credit Update Portal (CTC UP) before the first payments begin, which initially will allow you solely to elect not to receive advance Child Tax Credit payments during 2021. More functionality will be added later this year that will allow you to:
Is my advance Child Tax Credit payment subject to garnishment?
Yes. Advance Child Tax Credit payments are not exempt from garnishment by non-federal creditors under federal law. Therefore, to the extent permitted by the laws of your state and local government, your advance Child Tax Credit payments may be subject to garnishment by your state, local government, and private creditors, including pursuant to a court order involving a non-federal party (which can include fines related to a crime, administrative court fees, restitution, and other court-ordered debts).
Some states and financial institutions have chosen to act to protect these payments, however, and these payments are still protected from offset by the federal government. For example, if a taxpayer has a judgment against them obtained by a private party but also owes assessed federal taxes, the IRS will not subject the payment to offset with respect to the federal taxes.
MY INCOME CHANGED A LOT: Because my 2019 tax return included no qualifying child or showed a large amount of income, I did not receive the 2019 Child Tax Credit. However, I am eligible for the Child Tax Credit based on my 2020 information. What can I do now to receive advance Child Tax Credit payments during 2021?
A. File your 2020 tax return. Even though you did not receive the Child Tax Credit based on your 2019 tax return, you may receive advance Child Tax Credit payments based on the number of qualifying children allowed on your 2020 tax return. The payment will start in July or the month after your 2020 tax return is processed, whichever is later.
www.childtaxcredit.gov is another source of information and it is available in Espanol
This information came from the www.irs.gov website on 6/15/21 and you know how the government is --- it is subject to change.
WHAT: Important changes to the Child Tax Credit will help many families get advance payments of the credit starting this summer. The IRS will pay half the total credit amount in advance monthly payments beginning July 15. You will claim the other half when you file your 2021 income tax return. These changes apply to tax year 2021 only. Big difference is the is no bottom income limit – eligible with zero income.
For tax year 2021, the Child Tax Credit is increased from $2,000 per qualifying child to:
- $3,600 for children ages 5 and under at the end of 2021; ($300/mo July-Dec) and
- $3,000 for children ages 6 through 17 at the end of 2021.($250/mo July-Dec)
WHO: To qualify for advance Child Tax Credit payments, you and spouse (if filed jointly) - must have:
- Filed 2019 or 2020 tax return & claimed the Child Tax Credit on the return using your SSN or ITIN ; or
- Given us your information in 2020 to receive the Economic Impact Payment/Stimulus Check using the Non-Filers: USE www.irs.gov tool and
- You live in the United States for more than half the year (the 50 states / D.C.) valid SSN/ITIN
- A qualifying child who is under age 18 at the end of 2021 and with valid Social Security #; and
- Made less than certain income limits (it gets tricky but these are one of the different set of rules)
- $150,000 if filing a joint return or filing qualifying widow(er);
- $112,500 if filing as head of household; or
- $75,000 if you are a single filer or are married and filing a separate return.
The fastest way to get advance payments is to file your tax return electronically and provide information about your financial account so that you can receive your payments by direct deposit. You can use a bank account, prepaid debit card, or mobile app for your direct deposit and will need to provide routing and account numbers. We will use bank account information from the following sources, in the following order:
- Your 2020 tax return.
- Your 2019 tax return, including information you entered into the Non-Filer tool on IRS.gov in 2020.
- Information you entered on Get My Payment in 2020.
- A federal agency that provides you benefits, such as: Social Security Administration, Dept of VA
What if information about my bank, mailing address, income, or family has changed during 2021?
The IRS will provide on IRS.gov a Child Tax Credit Update Portal (CTC UP) before the first payments begin, which initially will allow you solely to elect not to receive advance Child Tax Credit payments during 2021. More functionality will be added later this year that will allow you to:
- Update your mailing address; 2. Update bank account information; 3. Add/subtract number of your qualifying children, (by reason of birth or adoption of child); 4. Report change in marital status; and 5.Report a change in your income.
- The Child Tax Credit Update Portal (CTC UP) will allow you to unenroll from receiving advance Child Tax Credit payments. More details will be provided regarding CTC UP through these questions and answers once the portal is available.
Is my advance Child Tax Credit payment subject to garnishment?
Yes. Advance Child Tax Credit payments are not exempt from garnishment by non-federal creditors under federal law. Therefore, to the extent permitted by the laws of your state and local government, your advance Child Tax Credit payments may be subject to garnishment by your state, local government, and private creditors, including pursuant to a court order involving a non-federal party (which can include fines related to a crime, administrative court fees, restitution, and other court-ordered debts).
Some states and financial institutions have chosen to act to protect these payments, however, and these payments are still protected from offset by the federal government. For example, if a taxpayer has a judgment against them obtained by a private party but also owes assessed federal taxes, the IRS will not subject the payment to offset with respect to the federal taxes.
MY INCOME CHANGED A LOT: Because my 2019 tax return included no qualifying child or showed a large amount of income, I did not receive the 2019 Child Tax Credit. However, I am eligible for the Child Tax Credit based on my 2020 information. What can I do now to receive advance Child Tax Credit payments during 2021?
A. File your 2020 tax return. Even though you did not receive the Child Tax Credit based on your 2019 tax return, you may receive advance Child Tax Credit payments based on the number of qualifying children allowed on your 2020 tax return. The payment will start in July or the month after your 2020 tax return is processed, whichever is later.
www.childtaxcredit.gov is another source of information and it is available in Espanol
This information came from the www.irs.gov website on 6/15/21 and you know how the government is --- it is subject to change.
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