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Thursday, October 28, 2021

Child Tax Credit: 3 Ways To Ensure Your Qualification

This week will see the first child tax credit payment meted out to citizens throughout the country who have been deemed eligible. And while there is always an option for you to wait until the 15th of July to receive your payment, you can still check if you qualify. Some of the families will be receiving a payment of $3,600 per kid that will definitely be disbursed between the current year and the next year. 

Currently, there are three different ways to ensure if you qualify for the child tax credit payment. 

1. The IRS will send a letter about the Child Tax Credit

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There are around 36 million families that have been deemed eligible for the child tax credit payment have already been sent a letter from the IRS. This implies that the agency has determined that you are eligible for the child tax payment based on your tax returns for 2019 and 2020. In the event that you don’t file taxes, the IRS has other methods- like information sent through the nonfilers tool. Therefore, if you don’t file tax returns, you can still be deemed eligible- all you have to do is wait for the letter. 

2. The Online Portals of the IRS

Currently, the IRS has several tools and portals that will help you receive your child tax credit payment. The assistant for interactive eligibility has been deemed the best way for families to verify if they qualify. All you need to do is put up your latest tax return to see if you qualify. But, if any information has been changed in the intermittent period, you would have to use other tools. 

3. Review The Rules of the Child Tax Credit Payment

The third way would be to completely bypass the IRS and see if you can make any educated guesses about your qualification. You can use the child tax credit calculator that will help you assume if you have been shortlisted or not. 

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The three ways given above should definitely help one deal with child tax credit problems.

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