The advance child tax credit program begins in less than a month, but do you know if yourfor the relief? To check, you'll need to know your total income and the rules for kids of different age groups. If you're in a arrangement, be prepared to demonstrate where the child lives most of the year.
But how much will that initial check be on July 15? You can estimate that andyou'll get over the next year. In the next couple of weeks, there'll be more resources at your fingertips as the IRS rolls out payments and unveils new web portals to assist parents with things like updating their household details -- is already open.
If you're looking for more information about the child tax credit,and tips for how to . (Here are more details on and what could be .) We've updated this story.
1. Watch for two IRS letters in the mail
If a letter arrives in your mailbox from the IRS, don't fret. Chances are, it's the tax agency letting you know you're one of 36 million families who may be eligible for a child tax credit payment. The IRS will send the letter if it has determined that you could qualify for child tax credit money, based on your 2019 or 2020 federal income tax return. If you don't typically file taxes, the IRS can use any information you submitted online using what's called the nonfilers tool, to flag you for eligibility if you have kids.
That's just the first letter giving you a heads-up that you might qualify. The IRS plans to send a second letter to confirm that you're eligible, and to estimate how much child tax credit money you could get when payments start July 15. To recap, the tax credit is up to $3,600 per child under age 6, and up to $3,000 for each child ages 6 to 17. When broken down into the advance monthly payments you could choose to receive this year, that's $300 or $250 per child.
You don't need to do anything if you receive this letter, except hold on to it in case you need to reference it later on.and other people who don't get the letter, don't worry quite yet. Here's more to know about , and read on for more qualification tips.
2. Use the IRS child tax credit portals for help
By the end of June, the IRS intends to haveto help you get your child tax credit money. (One of the two portals is available now for nonfilers.) They're a little complicated, but the most important thing to know is that they'll tell you if you qualify for the child tax credit and help you monitor your payments.
The online portals will also let you add new information, correct or update outdated details -- like the number of kids you have -- and make a few other decisions about opting out of several smaller payments.
3. Go over child tax credit rules and calculate your amount
Instead of waiting for the IRS to send you a letter, you can make an educated guess about your qualification status fairly easily. We think the fastest way is to use our. Just enter your yearly income and number of kids. Don't worry -- the calculator is private and anonymous and won't store or use any of your personal information.
For the most part, the calculator tool will tell you what you need to know. However, there are some outlier qualifications that could crop up. For example, in some cases it's possible.
And whilewill generally qualify for the full amount, that could change if you share custody of a child. US citizenship also plays a role, so if any of your kids are adopted from another country, you'll want to make sure you know all the .
For more, here how to see if your, how you could and if you could expect a refund for the .