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In November, The IRS launched a new tool that will allow any family receiving monthly Child Tax Credit payments to update their income using the Child Tax Credit Update Portal, known as CTC UP, found exclusively on the IRS.gov website.
To help families plan ahead, the IRS also announced that it will launch a new Spanish version of the CTC UP in late November.
The IRS is asking families to report any significant changes in their income before midnight on November 29 to reflect on their December payment.
Once you have done the update, The IRS will adjust any remaining payments you owe from the Child Tax Credit to ensure you receive the full payment for the year.
In the case of married couples, if one of the spouses updates the income, it will apply to both spouses.
Any changes made to the monthly payment will be reflected in the payments on December 15, but only if you complete your updated income application before midnight on November 29. The December 15 payment is the last monthly payment scheduled for this 2021.
The IRS will adjust the payment amount to reflect these changes and ensure that you receive your full advance payment for the year, which can be up to $ 1,800 for each child under age 6. and up to $ 1,500 for each child ages 6 to 17.
Note that, in some cases, families currently receiving monthly payments that are below the $ 1,800 and $ 1,500 maximum may qualify to have their payments increased to these figures. This could happen if, for example, you lost your job during 2021, or for some other reason you have less income this year.
If the reduction in your income is large enough, reporting that change in the CTC UP could increase the amount of your advance payments for the rest of this year.
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