Deductions & credits

Congratulations on the birth of you new baby!!!!! How wonderful to have a new addition to your family!!!!

My suggestion would be to the IRS Advance Portal: 

https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

the Child Tax Credit Eligibility Assistant Website:

https://www.irs.gov/credits-deductions/advance-child-tax-credit-eligibility-assistant

And lastly the Advance Child Tax Credit Payments in 2021 Website:

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

I would verify my eligibility and manage my account on the IRS website for clarification.

Based income you will may be eligible for the child tax credit and the earned income credit. Below are two links giving you information about those credits:

https://turbotax.intuit.com/tax-tips/family/child-tax-credit/L9ZIjdlZz

https://turbotax.intuit.com/tax-tips/tax-deductions-and-credits/earned-income-credit/L4lmLBNWa

If you were to have your child in some type of daycare you may be eligible for the Child and Dependent Care Credit:

https://turbotax.intuit.com/tax-tips/family/the-ins-and-outs-of-the-child-and-dependent-care-tax-cre...

Below is the recently talked about Advanced Child Tax Credit information: IRS is basing the Advance payments on 2020 or 2019 but they are going to update the portal in either Late August or September - I would visit the portal at that time so verify if you will be able to update your information.

You would use the Manage Payments portal to:

• Check if you’re enrolled to receive payments
• Un-enroll to stop getting advance payments
• Provide or update your bank account information for monthly payments starting with the August payment

Here is the link to the Child Tax Credit Update Portal:  https://www.irs.gov/credits-deductions/child-tax-credit-update-portalHere is a link to the 2021 Child Tax Credit and Advance Child Tax Credit Payments Frequently Asked Questions:  https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-f...Q A16. When will I be able to update my information? (added June 21, 2021)A16. You will be able to update certain information in the coming months:

  *Date You Can Make Changes

 What You Can Do

   June 21

•  Find out if you're eligible
• Unenroll from payments
• See a list of your payments

   June 30

•  Make changes to your bank information for your payments beginning in August

   Early August

•  Make changes to your address

   Late summer 

•  Make changes to your dependents, marital status and income
• Re-enroll if you previously unenrolled

* Dates subject to change

irs.gov

2021 Child Tax Credit and Advance Child Tax Credit Payments Frequently Asked Questions | Internal Re...

There have been important changes to the Child Tax Credit that will help many families receive advance payments. The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for tax year 2021 only. Below are frequently asked questions about the Advance Child Tax Credit Payments in 2021, separated by topic.