Hey, guys, it's Ginny Silver.
And so now I want to talk to those of you who are looking
at your child tax credit advanced payment and you are noticing
that it is either incorrect or missing.
I want to go over a few of the common reasons why your child
tax credit advanced payment from the IRS could be wrong or
missing and what you can do to fix it, if anything.
First, I want to address that I'm not a CPA accountant tax
repair, and I do not work for the IRS.
So if you have tax related questions, please make sure to
take them to your CPA or tax repair if you aren't sure what
this credit is.
If you qualify and more information.
I want you to view the links in the video description down
below for more information.
Many of you have replied to me in the video comments that
you are missing some of your child tax credit.
Either the amount is not the full amount that you expected
or you are missing tax credit amount for dependence altogether.
First, Let's talk about those of you who received 250 dollars
when you were expecting to receive 300 dollars for dependence.
Dependence under age six are eligible to receive a 300 dollars
monthly amount, but many of you reported receiving 250 dollars.
This is likely due to the fact that your child would turn
six years old within 2021.
How tax credit amount is based on the age that they are on
December 31 St 2021, the IRS will be looking at whatever
age they are on December 31 St 2021.
This means that if they turn six within 2021, they would
not be eligible to receive the 300 dollars payment and instead
would qualify for a 250 dollars payment.
Similarly, the IRS will be looking at whatever age your child
is on December 31 St 2021.
If your child turns 18 before the end of the year, the IRS
will not include them in these monthly payments.
Next, Let's talk about those of you that had new babies in
Taxi or 2020 in 2021.
If you had a new baby in Tax your 2020 and you claimed that
child on your 2020 tax return submitted your taxes, but
the IRS has not yet completed processing it.
Then you will not be able to collect the child tax credit
advance amount for that baby until the IRS finishes processing
your 2020 return.
For those of you that had a new baby in 2021, the IRS will
not be notified of that baby's existence until you claim
them on your 2021 tax return because you did not claim them
the year prior, the IRS does not yet know that they exist.
Now, the IRS management portal to manage your child tax credit
advance payments will have an additional feature added to
it later in summer that will allow you to add new children.
Unfortunately, this feature to add new children to your child
tax credit advance amount and claim them is not available
in the management portal.
Yet, the IRS has stated that it expects to add this feature
to claim these new children towards the end of summer.
Next, if you did not receive any form of payments for the
child tax credit advance, make sure that you filed your 2020
income taxes.
If you did not file your 2020 or 2019 income taxes, then
the IRS has a non filers portal available.
Lastly, if you're seeing a decreased amount for your child
tax credit advance payments that is not 250 dollars or 300
dollars depending on age, then this could be due to the income
phase out ragi exceeds 150,000 dollars if married in filing
a joint return.
If your AGI exceeds 100 and 12,500 dollars, if filing is
head of household, or if your AGI exceeds 75,000 dollars
and you are a single filer or a married filing a separate
return, then your payments will begin to be reduced.
Okay, guys, I hope that was helpful.
Let me know in the comments down below if you have begun
to receive these.
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you are not receiving these at all, please click Like Subscribe
and leave me a comment down below.