The Internal Revenue Service’s Child Tax Credit Update Portal is available in Spanish now. Information including the final monthly payment of the year is available at the new portal. The tool was earlier available only in English till now.
Some of the features available at the portal include the option to change the monthly payment, report a change in annual income, etc. The recipients can also use the portal to update their bank information, mailing address and switch from paper checks to direct deposits.
The credit for children under age 6 is $3,600, while the same for children aged 6 to 17 is fixed at $3,000.
The monthly payments for eligible families are $300 for each child under 6 and $250 per older child.
Tens of thousands of U.S. families could see a windfall from the December child tax credit.
The Internal Revenue Service sent letters to people, urging them to sign up for the child tax credit before the Nov. 15 deadline. Low-income people are expected to benefit from this program.
The people who have signed up are expected to receive $1,800, about half of their total child tax credit payment, as a lump sum in December. They can claim the remaining amount while filing their 2021 taxes next year.
Eligible families have been automatically enrolled based on 2020 tax returns. The low-income families have signed up through the IRS. According to reports, around 50,000 families have registered for lump-sum payments. The people who missed out on signing up can claim their full refundable amount next year.
The payments, which started in July, are scheduled to expire in December. It is not yet sure that whether Congress would extend the program. Some political observers opined the possibility of extending the credit program for the benefit of low-income families. The payments will be delivered via direct deposit from December 15.