The Internal Revenue Service (IRS) announced in June two new online tools to help families manage and monitor Child Tax Credit Payments under the American Rescue Plan.
The Child Tax Credit Eligibility Assistant allows families to answer questions to determine whether they qualify for the Child Tax Credit payment.
The other tool, the Child Tax Credit Update Portal Child Tax Credit Update Portal helps families verify their eligibility for the payments, and, if they choose to, unenroll or opt-out from receiving the monthly payments so they can receive a lump sum instead when they file their tax return next year. This portal:
- Is a secure and password-protected tool;
- Is available to any eligible family with internet access and a smartphone or a computer;
- Will help recipients to check the status of their payments (coming soon) and check the status of their payments;
- In late June, recipients will be able to adjust bank account information, for payments starting in August;
- In early August, people will be able to update their mailing addresses;
- A Spanish version is also planned.
For more information, see the Frequently Asked Questions on the IRS website.