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Panama City, FL – Child tax credit checks: IRS launches new tool to prevent parents from missing out on payments

Panama City, FL –

Most American parents are due for a monthly tax credit check starting in July. (Getty Images)

MYRTLE BEACH (WBTW) – The IRS has unveiled a new online tool to help low-income families sign up for child tax credit checks, which are expected to hit bank accounts in less than a month.

The tool allows eligible people who are not required to file taxes due to their low income to provide the IRS with basic personal information – including name and Social Security number – needed to calculate and issue their advance child tax credit payments.

This tool is an updated version of the one used last year to help non-filers sign up for the $ 1,400 Stimulus Check Bundle. People can also use the tool to claim the recovery rebate credit for the stimulus money they may have missed before.

Monthly checks and total benefit have changed from last year when full credit was typically applied at tax time. This year, families claiming the Child tax credit will receive up to $ 3,000 per eligible child between the ages of 6 and 17 at the end of 2021. They will receive $ 3,600 per eligible child under the age of 6 at the end of 2021. These benefit amounts will be reduced for those with high income.

The planned distribution dates for checks are as follows: July 15, August 13, September 15, October 15, November 15 and December 15.

“We have been working hard to begin offering the monthly advance child tax credit to millions of families with children in July,” IRS Commissioner Chuck Rettig said in a press release on the new tool. .

“This new tool will help more people easily access this important credit as well as people who do not normally file a tax return to obtain an economic impact payment.” We encourage people to review the details of this important new effort. “

the Registration tool for non-filers is for people who haven’t filed a 2019 or 2020 income tax return and haven’t used the IRS Non-Filers tool last year to sign up for Economic Impact Payments.

Most families will not need the tool to receive monthly checks.

“Eligible families who have already filed or plan to file 2019 or 2020 income tax returns should not use this tool. Once the IRS processes its 2019 or 2020 tax return, the information will be used to determine eligibility and issue advance payments, ”the IRS said in a statement. “Families wishing to take advantage of other tax benefits, such as the Working Income Tax Credit for Low and Moderate Income Families, should not use this tool and instead file a regular income tax return. The fastest and easiest way for them to file a return is through the Free file system, available only on IRS.gov.

Child Tax Credit Payment Calculator

Use the calculator below to estimate how much you could receive in periodic child tax credit installments as of July 2021

As monthly payments approach, the IRS suspects fraud attempts related to the payments to increase.

“Watch out for payment-related e-mail, phone calls, or text scams,” the IRS wrote. “Be careful and cautious: The IRS never sends unsolicited electronic communications asking anyone to open email attachments or visit a non-government website.”

Child tax credit checks: IRS launches new tool to prevent parents from missing out on payments Source link Child tax credit checks: IRS launches new tool to prevent parents from missing out on payments

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