CLEVELAND (WJW) – The next child tax credit prepayment is scheduled for November 15, but there is another deadline you may need to pay attention to this week.
The IRS has announced the launch of a new feature, starting Monday, November 1, where families can update their income using the Child Tax Credit Update Portal, or CTC UP.
If you’ve had a change in your income, the IRS has said you need to update it by 11:59 p.m. Monday night so it will be reflected in your November payment. Once the update is complete, the IRS will adjust the remaining payments so that you receive the full prepayment for the year.
Could you benefit from a larger payment?
If you are receiving lower monthly payments than the maximum and you lost your job in 2021, or for some other reason you are receiving significantly lower income this year, you may be entitled to more money. Reporting this change now (rather than when you file your taxes) may increase your CTC prepayment amount for the rest of the year.
If you aren’t able to make the changes by November 1, you can enter them by November 29 to see them in the December payment.
For married couples, if one of the spouses performs the income update, this will apply to both spouses and could affect future advance monthly child tax credit payments.
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