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Taxes for dummies

Is there a "dependents for dummies" type of guide available? We have no idea how to add the kid to anything, we got them a social, but that's about it. What do we need to add them to for like, the child tax credit stuff? Do we get a covid tax credit for a baby born in February 2021? 

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1 Reply
lcasteel1
Expert Alumni

Taxes for dummies

Hey maskr0wski,

Hope you're having a great day!  Unfortunately, no one has written the Taxes for Dummies book, maybe we could collaborate on something.  The IRS is supposed to be creating a portal where you can go to add your child.  They haven't gotten it up and running quite yet.  So for right now, there isn't anything to do, except to check the website every few days to see if it is up yet.  The link for the site is:  https://www.irs.gov/credits-deductions/child-tax-credit-update-portal.  The next thing to do is when you are ready to file your taxes next year, just add the child as a dependent on the return and then put their Social and Date of birth and then answer if they have lived with you for most of the year or all year and then you will receive the full credit then.  They are only sending half of the credit now in the monthly payments.  Here are the dates they anticip[ate having things ready.  

*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

 

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