The Internal Revenue Service is urging those who want to update their Child Tax Credit information, that they must do so by 11:59 p.m. ET on Monday.
Families may opt out of the December payment, the last advance Child Care Payment, or they may need to change the number of dependents of the bank in which the payment is to be sent.
The last monthly payment for 2021 is scheduled for Dec. 15.
Under the American Rescue Plan, passed in April, most eligible families began receiving monthly payments starting in July. For these families, each payment is up to $300 per month for each child under age 6 and up to $250 per month for each child ages 6 through 17. Payments are based on returns filed for 2019 or 2020, including those who registered online with the IRS, the agency said in a press release. Available only on IRS.gov, CTC-UP allows families to verify their eligibility for the payments and to:
- Switch from receiving a paper check to direct deposit;
- Change the account where their payment is direct deposited;
- Update their mailing address;
- Stop monthly payments and
- Reflect significant changes in their income that could potentially raise or lower their monthly payments.
Changes must be made before 11:59 pm ET on Nov. 29 at the portal, IRS.gov/childtaxcredit2021.
The IRS also launched this week a new Spanish-language version of the Child Tax Credit Update Portal (CTC-UP).