Child Tax Credit Updates

Countless people across the country have been struggling with the Child Tax Credit payments. There have been complaints of it going to the wrong bank account or address, being delayed, or even being the wrong amount. The good news is, changes are being made!

The IRS has updated the Child Tax Credit portal so that those who are receiving paper checks can now update their mailing address in order to receive the check more efficiently and avoid mailing delays. The updated portal also allows parents to change their delivery method, switching from paper checks to direct deposit and vice versa, and those who are already receiving direct deposits can change the account that it is being deposited into. The portal also still contains the option for parents to opt-out of receiving the Child Tax Credit payments. 

It is recommended that, if you would like to avoid delays for October or later, you should update your information before the end of the month, September 30th. The IRS also advises that updating your mailing address through this portal will also update your mailing address for all further correspondence from the IRS via mail, including but not limited to, Letter 6419, a vital letter for 2021 tax filing purposes that everyone receiving the Child Tax Credit payments will receive. With that in mind, please make sure that the address in the portal is accurate so that you can receive this letter at the end of the year.

If you are one of the frustrated parents out there not receiving the correct amount of money for your Child Tax Credit, don’t stress too much! The IRS is still working to make updates to the portal with future changes allowing for parents to update the number of children, marital status, and significant changes in income. While there is no exact date on these changes, they are coming before the end of the year, and whatever you do not receive in Child Tax Credit payments, will be given to you in your 2021 tax refund. 

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Lydia Paasch, Bookkeeper in Springfield MO
I'm Lydia Paasch

After years helping small and medium-sized businesses with their accounting, I’ve developed an the perfect system for making QuickBooks work for you.

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