Advance Child Tax Credit Payments: What You Need To Know

The Child Tax Credit is a specific tax credit given to a taxpaying parent with a dependent child under the age of 18.¹ Recent changes to the program may help your family get advanced payments of the credit starting this summer.

On June 15th, the IRS will pay half the total credit amount in advance monthly payments. The other half of the credit will be claimed when filing your 2021 income tax return.²

To qualify for the advance Child Tax Credit payments, you (and your spouse if you filed jointly) must have filed 2019 or 2020 tax returns and claimed the Child Tax Credit on the return.² If you didn’t file tax returns during 2019 or 2020, or didn’t claim the Tax Credit during this timeframe, please visit the Advance Child Tax Credit Payments page on the IRS website for instructions to submit your information.

To determine if you qualify, the IRS is using your 2019 or 2020 tax return, or the information you entered into the Non-Filer tool on the IRS Website to register for Economic Impact Payments in 2020. If the IRS has this information on file for you, no additional action is required on your part.¹

If you have not filed taxes in 2019 or 2020, and you did not register for Economic Impact Payments, you can sign up for the Child Tax Credit payments using the Non-Filer Sign-Up Tool on the IRS website.

If you prefer to un-enroll from getting advance payments, you’re able to complete that request directly through the IRS website. This tool also allows you to check your eligibility, and view your advance payments.³

Whether saving for your child’s future education, using your advance payments for investing or if you’re not sure of the best way to use your tax credit, we’re here to help. Contact us today to see how we help you navigate your financial future.