Don't Mess With Taxes

Everybody needs some help now and then. On Friday, July 23, and Saturday, July 24, the Internal Revenue Service is providing assistance to those in 16 metropolitan areas who need to file a 2020 tax return so they can get various COVID-19 relief payments.

The first of six scheduled Advance Child Tax Credit (AdvCTC) payments hit bank accounts and U.S. Postal Service boxes last week.

The bulk of these initial payments — the Internal Revenue Service says it sent out $15 billion to about 35 million families — were dispersed automatically. The recipients, who had previously filed returns or used the IRS non-filer online tool to register, got up to $300 for each child younger than age 6, and/or up to $250 for each child ages 6 to 17.

The payments will continue, arriving around the middle of each month, through the rest of 2021.

But the IRS says some eligible families missed out on the first AdvCTC amounts. So it's holding another round of in-person events this Friday, July 23, and Saturday, July 24, in 16 metro areas to help them get on the early credit distribution list.

Get the Child Tax Credit and other COVID funds: On those days, citizen volunteers and IRS employees will help taxpayers who haven't filed returns recently because they legally weren't required to do so. By completing a 2020 tax return, they'll then get the year's remaining AdvCTC payments.

But wait. There's more.

Filing a Form 1040 for 2020 also could mean you'll get the third COVID-19 economic impact payment (EIP) you probably missed by not filing. This could be as much as $1,400 per person.

And you also can claim on that return the Recovery Rebate Credit (RRC) for any portion of the two EIPs issued last year that you also likely missed.

Remember, you don't have to have dependent children to claim EIP amounts, although if you do, your COVID-related payments probably will be larger.

Same issues, second round: These upcoming events were prompted by earlier AdvCTC Free Tax Prep Days and Child Tax Credit outreach sessions in 12 metropolitan areas.

On July 23 and 24, as with the earlier events, IRS employees and the agency's partners from non-profit organizations, churches and community groups will be on hand to help folks who missed out on the various coronavirus relief amounts.

This latest round will be, listed alphabetically by the 16 cities, in —

And here are the specifics for these upcoming 16 AdvCTC events at the community groups' facilities or the local IRS Taxpayer Assistance Center (TAC):

Taking care of it online yourself: If you're unsure about whether you qualify for the early tax credit cash, you can check your eligibility by using the IRS' online Advance Child Tax Credit Eligibility Assistant.

If that indicates you do qualify for the early distribution of half of the 2021 tax year's Child Tax Credit but you haven't had to file taxes for a while, you can use the IRS' updated Non-filer Sign-up Tool. This online registration will get you in the system for the remaining AdvCTC payments to be send this year, around the 15th of each month.

But if you also missed out on other coronavirus relief, aka stimulus payments, because you didn't have to file, then you need to do that. Now.

You still can use the IRS' Free File option, available through Oct. 15 to taxpayers with adjusted gross income of $72,000 or less, to submit a return.

What you need to bring: Or, if you're unsure about how to file, you can get help filling out your Form 1040 at the upcoming Advance Child Tax Credit Free Tax Prep Day event in your area.

Before you head out, though, be sure to round up the following information to bring with you:

• Social Security numbers or Tax Identification Numbers for yourself and, if married, your spouse,
• Social Security numbers for your children,
• A reliable mailing address,
• An e-mail address, and
• Bank account information if you want to receive your AdvCTC and/or EIP payments by direct deposit.

The IRS encourages all AdvCTC (and other EIP amounts) to use direct deposit. It's faster and generally safer, for taxpayers and the IRS.

Finding a bank for direct deposit: If you don't have a bank account, check out the Federal Deposit Insurance Corporation (FDIC) website for details on opening an account online. There you'll also find FDIC's BankFind tool that can help you locate an FDIC-insured bank.

The problem there, however, is that many banks charge fees that make opening an account too costly for lower-income individuals. If that's what has been keeping you from getting a band account, look into the options at BankOn, American Bankers Association, Independent Community Bankers of America and National Credit Union Administration. Those groups' websites have lists of banks and credit unions that might offer a more appealing account option.

Military veterans also should check out the Veterans Benefits Banking Program for financial services at participating banks.

Regardless of how your get your Advance Child Tax Credit or economic impact payments or the Recovery Rebate Credit money, the key is to get it. ASAP. By using the IRS' online registration tools of filing a 2020 tax return.

You also might find these items of interest:

• Some Advance Child Tax Credit payments might have to be repaid
• Free File can help those who don't usually file taxes get COVID payments and more
• Advance Child Tax Credit amount less than you expected? Income, garnishments could be why

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