Advance Child Tax Credit Payments: What You Need To Know What is the Advance Child Tax Credit? 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 What are the Qualifications for the Tax Credit? 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. What do I Need to do to Receive Advance Payments? 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.1If 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. Can I Opt Out of Advance Payments? 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 How to Make the Most of the Child Tax Credit? 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. 1. Internal Revenue Service; Eligibility for Advance Child Tax Credit Payments2. Internal Revenue Service; Advance Child Tax Credit Payments in 20212. Internal Revenue Service; Child Tax Credit Update Portal Have a Question About the Child Tax Credit? Name Email Address Phone Question Thank you! Oops!