The Internal Revenue Service today released two new online tools to help manage monthly Child Tax Credit payments, which were authorized under the American Rescue Plan. They add to a non-filer sign-up tool released last week. The first monthly Child Tax Credit payments will be made on July 15.
With the Child Tax Credit Eligibility Assistant, users answer a series of questions to determine if they qualify for the advance credit. The Child Tax Credit Update Portal allows users to verify payment eligibility and, should they choose to, unenroll or opt out of monthly payments to receive a lump sum when they file their tax return next year. The IRS plans to release updated versions of the online resources later this summer and in the fall to allow users to view their payment history, adjust bank account information or mailing addresses and other features, including a version in Spanish.
