The Child Tax Credit (CTC) is a vital source of financial aid for countless families across America. What happens, though, if you’ve misplaced the all-important IRS letter detailing your CTC payments? Don’t worry, this article has got you covered. We’re going to walk you through what you can do to still receive your payments, even if that letter has gone AWOL.
First off, take a moment to ensure you’re eligible for the CTC. In 2021, the credit was boosted to $3,000 for each child under 18 and $3,600 for kiddos under 6. Your income level and tax filing status are the determining factors. The IRS website has a handy guide that can help you figure out if you qualify. If you’ve already signed up on the IRS website, your online account is a treasure trove of information.
Navigating the IRS Website Managing Your Child Tax Credit Payments
Log in, head to the “Tax Records” section, and you’ll find details about future payments and any past ones you’ve received. Having trouble finding this info? Or perhaps you’re not set up online? Don’t fret. You can ring the IRS directly. They’re available on 800-829-1040, or if you’re a TTY/TDD user, you can reach them at 800-829-4059.
You may be interested to know that the IRS has an online tool specially designed to manage your CTC payments. It’s called the CTC Update Portal. Here, you can refresh your bank details and address to ensure the payments find their way to you. So, if you can’t find your IRS letter, this is a great place to update your info.
After you’ve checked your eligibility and spruced up your details, remember to keep an eye on your payments. The IRS typically sends these funds on a specific date each month. So it’s a good habit to keep a lookout on your bank account or mailbox around that time. The IRS will also send a notice post-payment to confirm you’ve received the right amount.
Misplacing your IRS letter might feel like a huge hiccup, but don’t panic. There are steps you can follow to keep your CTC payments coming in smoothly. Stay on top of these steps, keep up-to-date with IRS updates, and you’ll ensure you’re getting the financial aid you and your loved ones are entitled to.