CLEVELAND (WJW) – The next advance Child Tax Credit payment is scheduled for Nov. 15, but there’s another deadline you may need to pay attention to this week.
The IRS said it’s launching a new feature, starting Monday, Nov. 1, where families can update their income using the Child Tax Credit Update Portal, or CTC UP.
If you have had any change in income, the IRS said you need to update it by 11:59 p.m. Monday night in order for it to be reflected in your November payment. Once you make the update, the IRS will adjust the remaining payments so you’ll receive the total advance payment for the year.
Could you qualify for a bigger payment?
If you get monthly payments that are below the maximum and you experienced job loss during 2021, or for some other reason are receiving substantially less income this year, you could qualify for more money. Reporting that change now (instead of when you file taxes) may increase the amount of your advance CTC payments for the rest of this year.
If you’re not able to make the changes by Nov. 1, you can enter them by Nov. 29 so it’ll show in the December payment.
For married couples, if one spouse makes the income update, it will apply to both spouses and could impact both spouses’ future monthly advance payments of the Child Tax Credit.