WASHINGTON D.C. (KRON) – The Internal Revenue Service announced that it will be launching a new feature on its website that will easily allow families to adjust their income level, ensuring that they receive the correct child tax credit payment amounts.
Launching on November 1, any significant income changes must be entered into the Child Tax Credit Update Portal (CTC UP) by midnight that night to be reflected in their November 15 payment.
If a family is unable to make the changes on November 1, entering them by November 29 will ensure they are reflected in the December payment.
For married couples, if one spouse makes the income update, it will apply to both spouses and could impact both spouses’ future monthly advance payments of the child tax credit.
While big income swings can either raise or lower monthly payments, small changes will not impact amounts an need not to be entered.
Payments range up to $1,800 for each child under age 6 and up to $1,500 for each child ages 6 through 17.
For people who are not already enrolled, the deadline to sign up is November 15. People can get these benefits, even if they don’t work and even if they receive no income.
A new Spanish-language version of the CTC UP is planned to launch later in November.