Congratulations on the birth of your child. The IRS is basing the Advanced Child Tax Credit payments on children claimed on the 2020 return or born in 2020. The IRS plans to update the Manage Payments portal to allow taxpayers to update the information on children born in 2021 in late August or September.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:
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*Date You Can Make Changes
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What You Can Do
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June 21
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- Find out if you're eligible
- Unenroll from payments
- See a list of your payments
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June 30
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- Make changes to your bank information for your payments beginning in August
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Early August
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- Make changes to your address
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Late summer
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- Make changes to your dependents, marital status and income
- Re-enroll if you previously unenrolled
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* Dates subject to change
As for changes in your withholding, you have the option to both change, neither change or only one of you change. Below is the link to the TurboTax w-4 Withholding Calculator to assist you in reviewing your withholding.
https://turbotax.intuit.com/tax-tools/calculators/w4/
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