Answering some of your most popular Child Tax Credit questions. I just got some new information I wanted to share. If I don’t answer your question in this video, I have several others on my page that might.
Question 7: What if I want to get a few payments then I want to unenroll in a few months can I do that? And what if I accidentally unenroll can I re-enroll in the monthly child tax credit?
Let’s start there. If you accidentally unenroll in the monthly child tax credit there’s nothing you can do at this time. The IRS says un-enrolling is a “one time action”. You may be able to re-enroll in late September, but that date is subject to change. So *don’t* unenroll unless you really mean it.
What if you want to get a few monthly payments but then want to stop getting them as the year goes on. Can you unenroll later? Yes! But there are deadlines.
To unenroll for July’s payment the deadline is June 28, for August’s payment the deadline is August 2nd, for September’s payment the deadline is August 30th, for October’s payment the deadline is October 4th, for November’s payment the deadline is November 1st and for December’s payment the deadline is November 29th.
If you unenroll it may take up to seven calendar days to process so, definitely check back to make sure your request went through.
If you want to read more about this go to irs.gov/childtaxcredit2021 and scroll down to the FAQ section.
Answering some of your most popular child tax credit questions. I just got some new information I wanted to share. If I don’t answer your question in this video, I have several others on my page that might.
Question 8: if I file taxes married and I don’t want the monthly child tax credit do both spouses need to log in to the update portal and opt out?
Yes. If you file married and don’t want the monthly child tax credit payments, both spouses must log into the child tax credit update portal and opt out. If only one spouse opts out, the IRS will send you half of the monthly child tax credit. So if you qualify for $300 a month, you’ll instead get a $150 payment or you’ll get a $125 payment if you qualify for the $250 payment.
If you want to read more about this you can go to irs.gov/childtaxcredit2021 scroll down to the FAQ at the bottom
Answering some of your most popular child tax credit questions. I just got some new information I wanted to share. If I don’t answer your question in this video, I have several others on my page that might.
Question 9: I need to change my address, my qualifying children, my bank information and re-enroll…when will I be able to do all of those things on the child tax credit update portal?
As of today, all you can do on the child tax credit update portal is opt-out. Here’s when you can do everything else…
by “late June” you’ll be able to change your banking information. Those changes won’t take effect until the august payment.
By early August you’ll be able to change your address.
By “late summer” you’ll be able to make changes to your qualified dependents, change your marital status and income and re-enroll if you accidentally unenrolled.
You can read all about this on irs.gov/childtaxcredit2021 scroll down to the FAQ section at the bottom of the page
Answering some of your most popular child tax credit questions. I just got some new information I wanted to share. If I don’t answer your question in this video, I have several others on my page that might.
Question 10: what does pending eligibility mean? Will I still be able to get the monthly child tax credit if my status is “pending?”
Pending eligibility means the IRS is reviewing your account to determine your eligibility. If you know you meet all the eligibility requirements, the quickest way to make sure you’re approved, is to file your 2020 tax return. The IRS says you should also continually check the update portal to see if your status has changed.
If your status is “pending” you will not receive any monthly child tax credit payments. If the IRS is not able to confirm your eligibility during 2021, you may be eligible to claim the full 2021 child tax credit when you file your 2021 tax return in 2022.
For more on this you can go to irs.gov/childtaxcredit2021 and scroll down to the FAQ at the bottom of the page.
