New Child Tax Credit Tool Makes It Easy To Sign Up

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This new child tax credit tool makes it easy to sign up: Via ForbesAdvisor

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Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations., to help families sign up for monthly child tax credit payments. The new collaboration with Code for America, an organization that works with government and other agencies to deliver equitable and accessible tools, is the IRS’s latest effort to reach millions by ensuring families register for monthly payments.

The payments are part of the American Rescue Plan, a $1.9 trillion package that increased the 2021 child tax credit from $2,000 to $3,600. The bill also allowed families the option to receive half of their 2021 child tax credit in the form of monthly payments from July 15 to Dec. 15.Estimate your child tax credit paymentThe new signup tool helps families, who typically are not required to file a tax return, easily register for monthly child tax credit payments.

Most eligible Americans should already be automatically receiving the child tax credit payments. The IRS disbursed the payments to those who filed a 2019 or 2020 tax return or who previously used the non-filer tool for either the child tax credit or economic impact payments (stimulus checks). For others who have yet to receive the monthly child tax credit payments, you can use the tool if you meet the following criteria:You earned less than $12,400 for single filers ($24,800 for married couples)The tool asks a couple of questions such as name, mailing address, Social Security number, dependents, and other information. Individuals also can choose to provide banking information for direct deposit to receive monthly child tax credit payments quicker.

The IRS will use your information to file a simplified tax return on your behalf to register for the child tax credit payments.The new online tool is just one of the many efforts President Joe Biden’s administration, the IRS and community outreach groups are doing to help families receive the monthly child tax credit payments. Since many low-income families are not required to file a tax return, some were left behind, and the IRS does not have their information to reach them.

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