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Saturday, May 28, 2022

CTC Payments: Claim Yours Now!

Remember, just because your newly-born still has some time to celebrate their first birthday doesn’t mean you aren’t eligible for the CTC payments. Quite a large section of the American population will be receiving around three more payments in 2021 from the federal government which would be construed as part of the expanded Child Tax Credit of 2021- which would also conveniently include the parents of newly born infants.

Previously, parents had to wait until they went on to file their income taxes which would see them claim a sum of $2,000 as a child tax credit in a single deposit. 

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But for this year, due to ensuing circumstances, parents will be able to receive a sum of $3,600 for children who are under the age of 6 years and $3,000 for kids who would find themselves under the age of 6 and 17.

The expanded CTC Payments have already started pouring into the bank accounts of the citizens in the form of monthly payments- every single month without fail. But there is also a catch- you won’t be able to claim the credit on your previous tax return if you have a newborn- so you might have to take recourse to a few different steps to get the money.

Getting Your CTC Payments

The CTC payments portal allows the parents of newborns to verify if the information they have supplied is absolutely correct. After this, they can also go through the payment status- where they would find the option to opt-out of monthly payments.

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It has been reported that the portal would see a change soon- people will be able to find an option that would allow them to report any change in their status- which would be different from the tax return the agency has on their file. This would also allow them to include babies that were either adopted or born in 2021. 

Since the option isn’t available yet, parents might have missed the advance CTC payments for the last three months. 


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