Got a child tax credit check today but not sure you’re eligible? Here’s how to check

You might have to pay the IRS again throughout tax time for those who obtained advance funds, but do not qualify. 

Sarah Tew/CNET

The first child tax credit fee landed in hundreds of thousands of financial institution accounts this morning. Eligible mother and father obtained up to $300 this morning for the primary installment of six month-to-month funds by way of December (the remainder comes subsequent yr). But for those who received a fee and do not qualify, you’ll have to pay the IRS again subsequent yr. The advance month-to-month child tax credit funds do not apply to everybody — it is determined by the father or mother’s revenue and the child’s age. If your circumstances have modified in the course of the pandemic — reminiscent of a promotion or the place your child lives — you could want to check your eligibility and choose out of this system. 

To check your eligibility, you may reply two fast questions utilizing the IRS Eligibility Assistant instrument, which can be accessible in Spanish. Then, you should use the Child Tax Credit Update Portal to see for those who qualify primarily based in your most up-to-date tax return. You’ll want private data, like your revenue, submitting standing and variety of kids, to decide for those who qualify for advance funds. 

If you’re eligible and cash wasn’t deposited into your checking account, you could be getting a mailed check as an alternative. And although you’re eligible you do not have to declare the cash now. Instead, you may choose out utilizing the Child Tax Credit Update Portal by the subsequent deadline, Aug. 2. If you do not have an account with the IRS but, you may set one up using If you bought the cash this morning — the overwhelming majority of households ought to have — use CNET’s child tax credit calculator to see how a lot cash you may anticipate all year long. It could possibly be up to $3,600 per child between 2021 and 2022. Also, here is what you want to learn about how the child tax credit will affect your taxes if you’re getting the additional cash now. We will replace this story as wanted. 

What are the child tax credit eligibility necessities? 

Parents might qualify for early child tax credit funds in the event that they meet one of many following guidelines outlined by the IRS. 

  • $150,000 in complete earned revenue if married and submitting collectively
  • $75,000 in earned revenue if submitting single 

If mother and father meet these revenue necessities, every dependent beneath 6 might rise up to $300 per 30 days by way of December and the opposite half in the course of the 2022 tax season – totaling $3,600. Children ages 6-17 might obtain up to $250 per 30 days and up to $3,000 complete. 

If you make greater than the revenue necessities, you should still get advance child tax credit funds, but lower than the utmost quantity. The IRS subtracts $50 from every advance check for each $1,000 after the revenue restrict. So for those who make $85,000 as a single-filer, you could be eligible for up to $200 per 30 days — relying in your child’s age.

There are a few different eligibility requirements for dependents to remember: 

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

If you’re not sure of whether or not or not you qualify primarily based on the necessities, check the Eligibility Assistant instrument and replace your data utilizing the Child Tax Credit Update Portal. To be on the secure aspect, you can too choose out and get one lump sum throughout tax time subsequent yr. 

What tax data do I would like to check my eligibility? 

Before you start, make sure you’ve got received a copy 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 should use your submitting standing and the variety of kids you claimed, together with an estimate of your complete revenue for 2020. 

You can use the IRS’ Eligibility Assistant instrument to reply a few fast questions. If you qualify, you will use your tax return and the Child Tax Credit Update Portal to see if you’re enrolled for funds. You may unenroll — even for those who do not qualify, but received your first check. 

How do I exploit the Eligibility Assistant instrument on the IRS web site?

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

1. Go to the Advance Child Tax Credit Eligibility Assistant instrument web page on the IRS web site.

2. Tap or click on Check Your Eligibility.

3. You’ll then want to reply a few questions on your self and your taxes. For occasion, the shape will ask for those who claimed the child tax credit on a earlier tax return.

4. You may have to present extra 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 kids you claimed in your tax return (together with their ages).

5. After you hit Next, the instrument will let you recognize whether or not you qualify primarily based on the solutions you offered. It’ll let you know the quantity every child beneath 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 can take you to the child tax credit portal that allows you to unenroll from the monthly payments for those who’d choose to get one giant 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 instrument and Child Tax Credit Update Portal do not let you know how a lot you might be eligible for. 

$300 cash with calculator

Advance child tax credit funds have been deposited in hundreds of thousands of financial institution accounts Thursday morning.

Sarah Tew/CNET

What data does the Eligibility Assistant instrument not inform me?

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

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

If you have a baby you will want to replace your data within the IRS Update Portal when that function is made accessible in late summer time. Once the company has your up to date particulars on file, you will be eligible to obtain future funds. For occasion, in case your child is born Aug. 20, you might begin getting the advance funds in September. You’ll have to wait till 2022 to get the July and August funds retroactively. 

If your child is born in December 2021, you may declare the cash you did not get from July by way of December if you file your taxes subsequent yr. If you’ve gotten a new child in January 2022, you will not be eligible for the bigger sum of cash that was authorised within the American Rescue Plan, but you might be eligible for the unique quantity — until the improved child tax credit is prolonged.

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

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