02 Nov Advanced Child Tax Credit Update (11-2-21)
Families with Income Changes Affecting the Child Tax Credit Should Make Adjustments in the Portal:
The IRS has launched a new feature that allows any family receiving monthly Child Tax Credit (CTC) payments to update their income using the Child Tax Credit Update Portal (CTCUP) at www.irs.gov. Changes to income entered by 11/29/21 will be reflected in the December payment. If an update is made, the IRS will adjust the remaining payment amount to ensure individuals receive their total eligible advance payment for the year. For married couples, if one spouse makes the income update, it will apply to both spouses and could impact both spouses’ future monthly advance payment of the CTC. The total advance payment for the years is up to $1,800 for each child under age six and up to $1,500 for each child ages six through 17. News Release IR-2021-211.