Monthly Advance Child Tax Credit Payments

Child Tax Credit payments will continue through the end of the year.

Millions of American families currently receive monthly advance Child Tax Credit payments either through direct deposit or paper check. These payments represent half of the increased Child Tax Credit from the American Rescue Plan and will continue through the end of the year.

Daniel Ahart Tax Service® prepares all tax returns, helps solve tax problems, and prepares back taxes. 22 Area Locations in Georgia.

Advance Child Tax Credit Payments in 2021

To speed the processing of returns and to avoid delays, the IRS urges everyone to file electronically:

• For those eligible and on extension for their 2020 tax returns, the IRS is using previous year tax information, 2019 for most, to determine the credit amount.
• Those who file and have their 2020 return processed on or before November 1, may be eligible for two payments of half the credit in 2021.
• Also, people who file and have their return processed on or before November 29, may be eligible for one payment.

As published on IRS.gov, there is usually no penalty for failure to file if the taxpayer is due a refund. However, people who wait too long to file and claim a refund, risk losing it altogether. Those who have yet to file a 2020 tax return, owe tax, and did not request an extension can generally avoid additional penalties and interest by filing the return as soon as possible and paying any taxes owed.

Non-Filer: Submit your information

Filing a 2020 tax return is the only way to prove to the IRS that your child is eligible to receive the child tax credit. But if you aren’t required to file a tax return and haven’t given us your information already, you will need to share with us some basic information for the Child Tax Credit.

With recent law changes, families that do not qualify for the credit using these income limits are still eligible for the $2,000 per child credit using the original Child Tax Credit income and phase-out amounts,” says Daniel Ahart, chief tax officer at the tax preparation company Daniel Ahart Tax Service®

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