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10 Family Now — August 2021
any taxpayers CTC in 2021, even though you with children did in past years, you would claim the Child have to pay the advances back Tax Credit next year unless you opt out (CTC) on their tax returns of the monthly payments. and often receive a People who want the large refund check. full refund next year by For 2021, the and divorced parmaximum CTC ents who alternate has increased to years of claiming $3,600 for each the credit may qualifying child also want to opt under the age of 6 out. and $3,000 for each The IRS has a new qualifying child ages portal you can use to opt 6 through 17. People with out of the monthly payments: children may be eligible for www.irs.gov/credits-deductions/ the credit even if they do not have any income this year. Your child-tax-credit-update-portal. You can also use the portal actual credit depends on your to update your payment inforeligibility. mation. In addition, the portal Due to the pandemic, the has a tool that eligible lowIRS is now sending half of income families who do not the 2021 CTC as six monthly normally file a tax return can payments to taxpayers who use to register for the advance appear to qualify. These advance payments. payments started on July 15. If If you have questions about you do not opt out, they will income tax issues, the Legal Aid continue each month until Society of Northeastern New Dec. 15. Those who receive York’s Low Income Taxpayer the monthly advance payments Clinic (LITC) may be able to may expect their refund from help. The clinic’s services are the IRS to be lower next year free of charge, and they can be since it will not include the reached at (833) 628-0087. The money already paid in 2021. clinic does not generally provide Taxpayers who claimed the tax preparation services. CTC on their 2019 or 2020 tax The writer is managing return and appear to qualify for attorney with the Legal Aid the credit in 2021 are autoSociety of Northeastern New York matically enrolled in the new in Albany. To learn more about advance payment system. the organization, visit www. If you do not qualify for the lasnny.org.
Understanding your Child Tax Credit payment While the monthly windfall might seem like found money, you should be aware of how it might impact your next tax return