Are you eligible for the Aug. 13 child tax credit cost? Here’s how to check

The subsequent child tax credit check will likely be despatched on Aug. 13 by direct deposit or mail.

Sarah Tew/CNET

Not certain if you’re eligible for advance child tax credit payments? Now’s an excellent time to check. Most US dad and mom qualify for the month-to-month funds, however some circumstances might imply that you’re not eligible. This yr’s child tax credit program might imply that oldsters stand up to $300 per thirty days for every child. But what if you’re second-guessing the advance funds? If you’re not eligible, you could pay back a portion to the IRS subsequent yr. You can shortly discover all this out through the use of the IRS Eligibility Assistant software. All you want available is your private data like revenue, submitting standing and variety of youngsters. 

If your circumstances have modified throughout the pandemic and you not qualify you could take into account opting out. Advance funds are non-obligatory, and you can get the whole quantity throughout tax time. Even although the deadline to decide out of August’s cost has now handed, dad and mom have till Monday, Aug. 30 to decide out of September’s check. Keep in thoughts that these common prepayments should not a tax deduction, however an precise money credit. You can use CNET’s child tax credit calculator to get an estimated whole if you have not already. 

It’s straightforward to see if you qualify for the additional money. Just reply a number of questions utilizing the Eligibility Assistant software on-line, which can also be obtainable in Spanish. Then use the Update Portal to handle your cost choices and get extra customized cost quantities — or, if you do not qualify, use that very same portal to unenroll from month-to-month funds. If you do not have an account with the IRS but, you’ll want a little bit of time to set one up using If you are eligible, you can use CNET’s child tax credit calculator to get an estimated whole if you have not already. We’ve up to date this story. 

How do I do know if I qualify for this yr’s child tax credit?

Parents could qualify for the full child tax credit funds in the event that they meet one among the following guidelines outlined by the IRS. 

  • $150,000 in whole earned revenue if married and submitting collectively
  • $112,500 in earned revenue if submitting as head of family 
  • $75,000 in earned revenue if submitting single 

If dad and mom meet these revenue necessities, every dependent underneath 6 could stand up to $300 per thirty days via December and the different half throughout the 2022 tax season — totaling $3,600. Children ages 6 to 17 could obtain up to $250 per thirty days and up to $3,000 whole. Dependents ages 18-24 could have to wait till tax time to get the whole quantity. 

If you make greater than the revenue necessities, you should still get advance child tax credit funds, however lower than the most quantity. The IRS subtracts $50 from every advance check for each $1,000 after the revenue restrict. So if you make $85,000 as a single-filer, you could also be eligible for up to $200 per thirty days — relying in your child’s age.

There are a number of different eligibility requirements for dependents to be mindful: 

  • Must be a US citizen 
  • Must be youthful than 17 earlier than the final day of the tax yr
  • Must be claimed on the mother or father’s tax return 

How can I check my child tax credit eligibility on-line? 

Before you start, be certain that you’ve obtained a duplicate of your 2020 tax return, or your 2019 tax return if you have not but filed your taxes this yr (for instance, if you filed an extension). If you do not have a tax return available, you can use your submitting standing and the variety of youngsters you claimed, together with an estimate of your whole revenue for 2020. 

You can use the IRS Eligibility Assistant software to reply a number of fast questions. If you qualify, you’ll use your tax return and the Child Tax Credit Update Portal to see if you’re enrolled for funds. You may also unenroll — even when you do not qualify, however obtained your first check. 

Once you’ve found out what your revenue was for 2020 or 2019, you can check your eligibility. Here’s how.

1. Go to the (*13*) software web page on the IRS web site.

2. Tap or click on Check Your Eligibility.

3. You’ll then want to reply a number of questions on your self and your taxes. For occasion, the kind will ask if you claimed the child tax credit on a earlier tax return.

4. You might have to present further data, relying on how you answered the questions. Here’s the place you fill in your submitting standing, adjusted gross revenue and the variety of youngsters you claimed in your tax return (together with their ages).

5. After you hit Next, the software will let you know whether or not you qualify based mostly on the solutions you offered. It’ll inform you the quantity every child underneath 6 qualifies you for, and how a lot every child 6 and older qualifies you for. It’ll additionally present you the revenue phaseout particulars.

6. From right here, faucet or click on Manage your advance child tax credit funds, which is able to take you to the child tax credit portal that lets you unenroll from the monthly payments if you’d favor to get one massive check as an alternative of a number of smaller ones, or submit your data if you’re a nonfiler.

Keep in thoughts that the Eligibility Assistant software and Child Tax Credit Update Portal don’t inform you how a lot you are eligible for. The software additionally does not inform you:

  • The customized whole you’ll get from the child tax credit cost. It leaves it up to you to do the math.
  • How a lot the funds will likely be decreased in case your revenue exceeds the restrict.
  • All of the cost dates for the child tax credit.
  • Only one mother or father can declare the cash for any given child in a shared custody situation.

You can discover a solution to most of these questions in our child tax credit FAQ

What if I’m not eligible for advance child tax credit funds? 

If you’re uncertain of whether or not or not you qualify based mostly on the necessities, verify with the Eligibility Assistant software and replace your data utilizing the Child Tax Credit Update Portal. Currently, you can use the portal to replace your financial institution data and unenroll from this yr’s prepayments. This month, you’ll have the option to replace your mailing tackle. You ought to have the option to replace your revenue and dependents by subsequent month. 

To be on the secure facet, you may also decide out and get one lump sum throughout tax time subsequent yr. The deadline to decide out of the August cost has handed, however there’s nonetheless time to decide out of future funds. The subsequent opt-out deadline is Monday, Aug. 30, however you can decide out any time between now and December in case your circumstances change. 

$300 cash with calculator

Parents of 2021 could also be eligible for up to $3,600 with this yr’s child tax credit adjustments.

Sarah Tew/CNET

Do I qualify for child tax credit funds if I’ve a child this yr? 

If you undertake or have a baby someday in 2021 you’ll want to replace your data in the IRS Update Portal when that characteristic is made obtainable in late summer season. Once the company has your up to date particulars on file, you’ll be eligible to obtain future funds. For occasion, in case your child is born Sept. 20, you might begin getting the advance funds in October. You’ll have to wait till 2022 to get the July, August and September funds retroactively. 

If your child is born in December 2021, you can declare the cash you did not get from July via December when you file your taxes subsequent yr. If you have a new child in January 2022, you will not be eligible for the bigger sum of cash that was accredited in the American Rescue Plan, however you may very well be eligible for the unique quantity — except the enhanced child tax credit is prolonged.

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