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  • Home
  • About
    • Ronson J. Shamoun, ESQ., LL.M.
    • Chandara Diep, ESQ., LL.M.
    • Devon J. Arabo, ESQ., LL.M.
    • Brian M. Malloy, Esq.
    • Andrea Cisneros Valdez, Esq., LL.M.
    • Sam Imandoust, ESQ., LL.M
    • Lauren Suarez, ESQ., LL.M.
    • John I. Forry, Esq.
    • Martin Schainbaum, ESQ., LL.M.
    • Kaveh Imandoust, JD, MBT, CPA
    • Joseph Cole, ESQ., LL.M.
    • Christopher Engelmann, ESQ., LL.M.
    • Remy Hogan, Esq., LL.M.
    • Steve S. Mattia, Esq.
    • Dod Ghassemkhani, ESQ.
    • Vincent Renda, Esq.
    • Pedro Bernal, Esq.
    • Sabri P. Shamoun 1938-2023
    • Melanie M. Shamoun
    • Renae Arabo
    • Hilary Dargavell
    • Sandie Portilla
    • Lupita C. Torres
    • Jewell Cornejo
    • Kesia Belford
    • Danielle N. Misleh
    • Judith G. Jeremie, JD
    • Rebecca Shuman
    • Michael Lutzky, CPA
    • Gianna Iskander
  • Practices
    • Tax
      • IRS TAX MATTERS
        • IRS Appeals
          • IRS Appeals Process
          • Contesting an IRS Levy
          • Why Retain RJS LAW for IRS Appeals
          • 4 Tips For Navigating The IRS Rapid Appeals Process
        • IRS AUDITS
          • IRS Correspondence Audits
          • What are IRS Field Audits?
          • Initial IRS Compliance Center Audits
          • IRS Office Audits
          • What happens in an IRS Audit?
          • Taxpayer Rights Under IRS Publication 1
          • IRS Warns Taxpayers About Scam
        • NOTICES
          • IRS Notices
          • IRS Letters
          • FTB Notices
          • Avisos en Español
        • IRS Collections
          • Avoiding and Eliminating IRS Tax Liens
          • Collection Due Process Hearing
          • CP 501 – IRS Notice
          • Failure to file a tax return: What happens?
          • How the IRS calculates interest
          • How to get a tax levy released
          • ACS – Automated Collection System
          • IRS Collections Process
          • IRS Interest Abatement
          • IRS Revenue Officers
          • Jeopardy Assessments and Jeopardy Levies
          • National Tax Agencies
          • RJS LAW Approach to Collections
          • IRS Statute of Limitations on Collections
          • Streamlined Installment Agreements
          • Tax Penalty Abatement
          • Taxpayer Assistance Orders TAO
        • IRS Payroll Tax
          • Independent Contractor Reclassification Audits
          • IRS Forms 940 and 941
          • IRS Trust Fund Interviews
          • Payroll Tax Liability Payment Options
          • Trust Fund Recovery Penalties
        • IRS Wealth Squad
        • Offer in Compromise & Tax Settlements
          • OVERVIEW OF OFFER IN COMPROMISE PROCESS
          • The Offer in Compromise Process
          • Appealing an Offer in Compromise to the IRS
          • How does the IRS evaluate an Offer in Compromise
          • Offer in Compromise and Dissipated Assets
          • Offer in Compromise Requirements
          • Pros and Cons of an Offer in Compromise
          • Why Choose RJS LAW?
          • Offer in Compromise Alternatives
          • Actual IRS Offer in Compromise Results
      • STATE TAX MATTERS
        • EDD California Payroll Tax Lawyer
          • EDD Investigations
          • EDD Collections – Liens, Levies, and Garnishments
        • CDTFA – California Sales Tax
          • California Sales Tax Appeals
          • California Sales Tax Audits
          • California Department Of Tax And Fee Administration – CDTFA
        • California State Tax Matters – California Franchise Tax Board | FTB | EDD
          • California Residency Audits
          • Discharging State Income Taxes in Bankruptcy
          • State Tax Practice – Outside of California
      • CRIMINAL TAX ISSUES
        • Criminal Investigation Division
        • IRS Criminal Investigation Division Tactics
        • Criminal Tax Defense – Tax Crimes
        • Currency Transaction Records & Suspicious Activity Reports
        • IRS Methods of Proof: Tax Fraud and Evasion
        • Methods IRS Agents Use to Locate Assets
        • IRS Special Agent Visits
        • Are You a Criminal Investigation Target?
        • Criminal Tax Attorney vs. White Collar Defense
      • CORPORATE TAXES
      • TAX COURT LITIGATION
      • Innocent Spouse Relief
    • International Tax
    • Estate Planning
    • Trust Litigation
    • Trust, Estate & Probate Litigation
    • Trust & Estate Administration
    • Probate
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      • Bankruptcy (FAQ’s)
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      • Landlord Tenant Law
    • Employment Law
  • Tax Institute
    • 10th Annual USD School of Law – RJS LAW Tax Institute
    • 9th Annual USD School of Law – RJS LAW Tax Institute
    • 8th Annual USD School of Law – RJS LAW Tax Controversy Institute – July 28th, 2023
    • 7th Annual USD School of Law – RJS LAW Tax Controversy Institute – July 15th 2022
    • 6th Annual USD School of Law – RJS LAW Tax Controversy Institute
    • 5th Annual USD School of Law – RJS LAW Tax Controversy Institute
    • 4th Annual USD School of Law – RJS LAW Tax Controversy Institute
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What is the 2021 Advance Child Tax Credit?

Advance Child Tax Credit

What is the 2021 Advance Child Tax Credit?

The Advance Child Tax Credit payments are early IRS payments of 50% of the estimated amount of the Child Tax Credit you may claim on your 2021 tax return. Meaning, you can receive half of your Child Tax Credit for each qualifying child in equal payments for each month for the rest of 2021, beginning on July 15, 2021, and ending on December 15, 2021. The following IRS chart shows the payment schedule.

Advance Child Tax Credit - Payment Date

Source: https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-topic-e-advance-payment-process-of-the-child-tax-credit

How do I qualify?

To qualify, the following conditions must be met:

  • You must have a qualifying child or children under the age of 18 at the end of 2021 with a valid Social Security number.
  • You must have filed a 2019 or 2020 tax return and claimed the Child Tax Credit on your return or given the IRS your information in 2020 to receive the Economic Impact Payment by using the IRS non-filing tool. This tool enables non-filers for 2018 and 2019 to register to receive their Economic Impact Payment.
  • You or your spouse, if married filing jointly, must have your main residence in one of the 50 states or D.C. for more than half the year.
  • You must meet the income limits.

For further questions or details, please visit the IRS Advance Child Tax Credit Eligibility Assistant to check your eligibility.

If I make too much money, will that automatically disqualify me from getting the Advance Child Tax Credit?

Not necessarily. The advance payments may be reduced if your modified AGI exceeds:

  • $150,000 if married and filing jointly or if filing as a qualifying widow or widower; or
  • $112,500 if filing as head of household; or
  • $75,000 if you file as single or you are married and filing a separate return.

How do I know my child is a qualifying child?

A qualifying child is an individual who does not turn 18 before January 1, 2022, and meets the following conditions: 

  • The individual must live with the taxpayer for more than one-half of 2021, must be the taxpayers dependent, and must be a U.S. citizen, U.S. national, or U.S. resident alien.
  • The individual cannot provide more than one-half of their own support during 2021 and cannot file a joint return with the individuals spouse for 2021.

For more details about who qualifies as a qualifying child, please visit the IRS website.

Does the payment amount change depending on my child’s age?

Yes. The Advance Credit is $3,600 for children aged five and younger at the end of 2021; and $3,000 for children aged six through seventeen at the end of 2021.

So, how much money will I receive each month?

Generally, you will receive $300 a month for each qualifying child aged five and younger. The Advance Child Tax Credit represents 50% of the total $3,600, which is $1,800. The $1,800 is then divided equally into six monthly payments of $300 each beginning in July 2021 and ending in December 2021.

Generally, you will receive $250 a month for each qualifying child aged 6 through 17. The Advance Credit for this age band represents 50% of the total $3,000, which is $1,500. As above, the $1,500 is then divided into six equal payments of $250 beginning in July 2021 and ending in December 2021.

Will the IRS send me the Advance Child Tax Credit directly, or how does it work?

Yes, the IRS will send the payments directly to you by direct deposit or by mail. If the IRS has your banking information, then you will receive a direct deposit. If the IRS does not have your banking information, you will be sent the payment by mail.

Now that I know the basics, what is the timeline for updating my information?

If you would like to update your information, the following IRS chart details the dates and states what exactly you can update.

Advance Child Tax Credit - What you can do

Source: https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-topic-a-general-information

The IRS website has an option of unenrolling. Why would I want to unenroll? Who says no to free money?

There are several reasons why you may want to unenroll.

First, you may prefer to get one large credit when filing your 2021 tax return next year rather than six smaller payments.

Second, you may want to unenroll if you expect a significantly higher income for 2021 because the Advance Credit is based on your 2020 tax return, and this may mean you receive a higher advance than you are supposed to receive.

Third, you will need to unenroll if your spouse has already enrolled for payments, and you are married and filing jointly.

So, maybe the Advance Child Tax Credit is not right for me. How do I unenroll?

The Advance Child Tax Credit may not be the best for everyone. You can unenroll by visiting the Child Tax Credit Update Portal. It is important to note that if you unenroll you cannot re-enroll until late September 2021.

The deadline to unenroll is three days before the first Thursday of the next month by 11:59 p.m. Eastern Time. The July deadline has passed; however, should you elect to unenroll there is still time to do so for the August through December payments. The IRS website provides the following chart of IRS deadlines to unenroll.

Advance Child Tax Credit - Unenrollment Deadline

Source: https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-topic-j-unenrolling-from-advance-payments

More specific questions

It can be a difficult decision whether to obtain the Advance Credit and the tax attorneys at RJS LAW are qualified to help explain the benefits and drawbacks. Please call (619) 595-1655 if you have any questions.

Published by Aurora Gallardo

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