Vidya Sethuraman
India Post News Service
IRS experts provided an update on the Advance Child Tax Credit Payments, including who qualifies, payment dates for the remainder of the year, and online tools to help taxpayers sign up for and manage their payments. They also provided information for the upcoming filing season at the EMS briefing on October 15.
The American Rescue Plan, approved in 2021, includes funds to expand the child tax credit. The credit would roughly benefit 39 million households with about 65 million children, or 88% of children in the U.S. explained IRS Commissioner Ken Corbin, Chief Taxpayer Experience Officer. The stimulus plan gives parents a boost through an expanded child tax credit. Most American families qualify for some amount of money through the child tax credit. The expanded child tax credit allows for up to $3,600 for children 5 and younger and $3,000 for those 6-17, payable in monthly installments of up to $300 per child.
So far, the monthly payments are only scheduled to continue through the end of 2021. Families will receive the second half of the credit when they file their 2021 taxes in 2022. To find out if you qualify for the credit, the IRS has an interactive form, the ‘Eligibility Assistant’, which can be found on the IRS website at irs.gov.
Something important to remember, and I will repeat it, is that in January 2022 we will send letters with the amount of the credit they received and it is important that they save it and use those same numbers when preparing the tax return,” said Corbin
Sue Simon, Director, Customer Assistance, Relationships and Education, IRS said scammers also appear alongside the checks. Taxpayers should know that the IRS does not initiate contact through emails, texts or on social networks and, much less, never asks for personal or financial information through these means. We encourage everyone to open bank accounts and this will help reduce the scams. To help educate against potential fraud, including identity theft, the IRS holds events and makes numerous recommendations, some of which can be found at irs.gov/security.
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