Child tax credit 2021 update – Families could get a ‘surprise’ $8,000 stimulus payment after ‘Thanksgiving’ cash issued

INCREASE YOUR CHILD TAX CREDIT

One way to increase your payment is to update your income information.

On November 1, the IRS introduced the option for parents to update their income information using its Child Tax Credit Update Portal.

The November 15th payment deadline was the same day, but you can still pay for the December 15th installment.

This allows families who are currently receiving monthly payments below the maximum amount to receive an increase in the final payment.

This could happen if you lost your job in 2021 or if you had significantly less income that year for some other reason.

However, for families who are already receiving the maximum payment, a decrease in income does not increase the amount paid out.

In the meantime, families whose incomes rose significantly in 2021 should update their data – or they’ll have to repay the IRS next year.

https://www.the-sun.com/money/4038159/child-tax-credit-2021-update-families-surprise-stimulus-payment/