The Internal Revenue Service urges those who wish to update their child tax credit information to do so by 11:59 p.m. ET on Monday.
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Families may decline the December payment, the last advance payment for child care, or they may need to change the number of dependents in the bank to which the payment should be sent.
The last monthly payment for 2021 is scheduled for December 15.
Under the American Rescue Plan, adopted in April, most eligible families began receiving monthly payments starting in July. For these families, each payment can go up to $ 300 per month for each child under 6 and up to $ 250 per month for each child aged 6 to 17. Payments are based on returns filed for 2019 or 2020, including those who registered online with the IRS, the agency said in a press release. Available only on IRS.gov, CTC-UP allows families to verify their eligibility for payments and to:
- Go from receiving a paper check to direct deposit;
- Change the account where their payment is deposited directly;
- Update their mailing address;
- Stop monthly payments and
- Reflect significant changes in their income that could potentially increase or decrease their monthly payments.
Changes must be made by 11:59 p.m. ET on November 29 on the IRS.gov/childtaxcredit2021 portal.
The IRS also launched a new Spanish version of the Child Tax Credit Update Portal (CTC-UP) this week.
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