The fifth child Tax credit payment hits
bank accounts next week. On the 15th.
We know that you have questions.
We are here to help joining
us to answer your questions.
Scott Braddock from Scott Braddock financial.
Ryan Dodson from Liberty tax services.
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All right, let's first and foremost
start with the elephant in the room.
Why didn't I get my child tax
credit payments as of yet?
Ryan, lots of people are asking.
Well, if you haven't received
your child tax credit yet,
so I would suggest Balinese
checking on the portal and so
a lot of things could happen.
That's to cause you to not
receive your your credit,
such as you may have changed your
address and you didn't notify the IRS.
Hey look, you know, like I,
I moved it or your bank account may
have changed and you close the the
bank account that you had on record
when you filed your 2020 tax returns.
That could cause you not
to receive your payment.
Best way to handle that.
You can get all that updated
by logging into the IRS going
to the child tax credit.
Update portal
alright, let's show people how to track
their payment because there is an actual
spot on the IRS where it says track my
payment and so that kind of helps people
figure out what's going on with that.
And you do actually have to create an ID.
There's the child tax credit update
portal you're going to use that
portal to track your payments.
They're going to take you through a
couple of things you need to like.
Update your ID, put in your drivers
license or an ID that has a photo.
And then you can create an account
and that's going to tell you what
the IRS knows about you so far.
Here's what we do know, right?
Scott, there's going to be another payment,
and it's coming next week.
That's right, we've got another
payment coming our way, and you know,
just have to remember if you'd
like to opt out with that payment.
It's not too late to do that.
You still have time to
opt out of the payment.
What I've heard a lot about
is where one spouse has opted
out of receiving that payment,
but the other one failed to,
and they still of course
received a half payment.
So just want to put that out
there as a cautionary measure.
Yeah,
that's right. So one parent if
you're doing married filing jointly
cannot be the only one who opts out.
Otherwise you're going to get a half.
So both of the parents have
to go on their to opt out.
We already have a question and
this one I believe is for you.
Ryan, this says,
does the child tax credit take
money from your tax return?
So this is an advanced child tax credit.
So what the government is doing is
that they are advancing you half of
your expected child tax credit for
when you file your 2021 tax return.
So you have the option of taking the half
now and getting it over six payments.
Or you can opt out of receiving
those payments and receive the
entire child tax credit when you
file your tax return in 2022,
right? So a lot of people were saying,
OK, this is not free money, right?
Scott, this is something that.
You were going to get
anyway on your tax return,
but they're just kind of having it.
Well, that's right.
I mean, I understand where some folks
would refer to that as free money,
just simply because it is a credit.
There's always been a child tax credit.
This one is enhanced and
so this is, you know,
a way to receive that ahead of time.
Typically we don't receive
that until we file our taxes.
So that was to some to a lot of Americans.
Probably many Americans here
are really appreciating this
tax credit coming in advance.
But of course, when we file,
our taxes will receive the
other half at that time.
All right, so this is a question I
don't know that we know this Ryan.
Maybe this person said I
just had a baby last month.
Do I need a Social Security
number for him to get the money?
I haven't received a
Social Security number yet.
Yes, if the IRS does require now
that for any payments, any credits,
anything like that to occur
for them to pay anything out,
there has to be a Social Security
number on file with these
Social Security Administration,
because the IRS and Social Security
Administration they double check just to
make sure that those are valid numbers.
So yes, they need to get a
Social Security number first.
OK, but you still have time because
there's still the December 15th payment
and from what I know guys and maybe
you'll have seen something different,
but from what I know.
The portal that allows you to tell
them that you had a child this
year that hasn't been updated yet.
Yeah, that's what you know.
This is greatly anticipated.
We've been waiting for this and
it just hasn't happened yet,
but hopefully fingers crossed that
will happen to take place either
later this month or the 1st of next
month. Yeah, I mean,
they said that it was going to
happen like by the late summer,
but it's not there yet.
But if it does happen before
that December 15th payment,
there is a chance that you could
put the information in there
and then you could get all of
the payments for December 15th.
At least that's six months worth.
OK, we're going to take a quick break.
You can still text us.
Your questions will be back
with one more segment.