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KevCo, Inc.
Tax Preparation, Electronic Filing & Financial Tracking

 Child Tax Credit - Advance Payments in 2021

Child Tax Credit - Advance Payments in 2021

UPDATE: We will need the amount you received when filing your taxes.  You can check the total amount you received from the IRS site at Child Tax Credit Update Portal | Internal Revenue Service (irs.gov).  

If you have a qualifying child for purpose of the 2021 Child Tax Credit PLEASE READ.

Important changes to the Child Tax Credit will help many families get advance payments of the credit starting this summer. The IRS will pay half the total credit amount in advance monthly payments beginning July 15, 2021. You will claim the other half when you file your 2021 income tax return. These changes are being applied to tax year 2021 - this year.

The IRS will determine if you qualify and automatically enroll you for advance payments. You do not need to take any additional action to get advance payments but you will need provide the amount you received when you file your 2021 taxes. In January 2022, the IRS will send you Letter 6419 to provide the total amount of advance Child Tax Credit payments that were disbursed to you during 2021. Please keep this letter and provide KevCo, Inc. with a copy so we may refer to it when filing your 2021 tax return. You may now upload it at any time to your online account with us. To register or log-on to your account, go to www.kevco.tv.

If you do not want to receive the advance payments, the Child Tax Credit Update Portal (CTC UP) will allow you to unenroll from receiving advance Child Tax Credit payments. More details will be provided regarding CTC UP from the IRS once the portal is available.

To qualify for advance Child Tax Credit payments, you — and your spouse, if you filed a joint return — must have:

  • Filed a 2019 or 2020 tax return and claimed the Child Tax Credit on the return; or
  • Given the IRS your information in 2020 to receive the Economic Impact Payment using the Non-Filers: Enter Payment Info Here tool; and
  • A main home in the United States for more than half the year (the 50 states and the District of Columbia) or file a joint return with a spouse who has a main home in the United States for more than half the year; and
  • A qualifying child who is under age 18 at the end of 2021 and who has a valid Social Security number; and
  • Made less than certain income limits.

Frequently Asked Questions regarding this change may be found at https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-frequently-asked-questions