Don't Mess With Taxes

Do you need to tweak the Advance Child Tax Credit (AdvCTC) amount you've been receiving?

You can adjust December's final payment as long as you let the Internal Revenue Service know by Monday, Nov. 29.

Specifically, you need to update your Child Tax Credit data at the agency's special online website by 11:59 p.m. Eastern Time on Monday, Nov. 29.

Last payment of 2021: The American Rescue Plan, the COVID-19 relief measure that became law in March, bumped up the Child Tax Credit amount for the 2021 tax year.

The law also instructed the IRS to issue half of the new, higher amounts to qualifying families as monthly payments from July through December.

Those payments are $300 per month for each child under age 6 and up to $250 per month for each child ages 6 through 17. That comes to a possible $1,800 per child age 5 or younger and $1,500 for each older child.

Allowable December changes: By going to the IRS' Child Tax Credit Update Portal (CTC-UP), eligible credit recipients can make a variety of changes.

They include —

• Switching from receiving a paper check to direct deposit;
• Changing the account where their payment is direct deposited;
• Updating their mailing address;
• Stopping monthly payments; and
• Noting significant changes in their income that could potentially raise or lower the monthly payment.

En español también: There's also good news for families who are more comfortable using Spanish. The IRS now has a Spanish-language version of the CTC-UP.

Regardless of which language you use, be sure to make any necessary or desired changes by 11:59 pm ET on Nov. 29.

That date and time also earn this week's By the Numbers honors.

More CTC in 2022: The full Child Tax Credit amount for 2021 is $3,600 for each youngster age 5 or younger and/or $3,000 for children ages 6 to 17.

If you got half those amounts as AdvCTC monthly payments this year, you can claim the remainder when you file your tax return in 2022. To help you figure that allowable balance the IRS will be sending early next year Letter 6419 documenting the advance payments you got this year and the number of qualifying children used to calculate the amounts.

And if you didn't get the Child Tax Credit in advance, you can claim your full eligible amount when you file your Form 1040 next year.

You also might find these items of interest:

• Determining child-related tax breaks when you're divorced 
• How families are spending advance Child Tax Credit payments 
• 6 Advance Child Tax Credit questions still being asked … and the answers!

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