CHILD TAX CREDIT ADVANCES
TO BEGIN JULY 15, 2021
Taxpayers that have included Child Tax Credit (CTC) information in their 2019 or 2020 federal income tax return or who used the Non-Filers tool on IRS.gov last year to register for an Economic Impact Payment may be eligible for ACTC. Personalized letters with monthly payment estimates will be sent out starting July 15 to qualifying families. No action is needed on their end.
Payments are automatically issued by check or direct deposit.
The disbursement will be up to $300/month for each qualifying child under age six.
The amount goes up to $250/month for each qualifying child ages six to 17.
Payments are scheduled to go out on July 15, August 13, September 15, October15, November 15 and December 15.
How to unenroll or OPT OUT
The Eligibility Assistant determines whether your customer qualifies for the advance credit. The Unenroll portal will allow families to unenroll or opt out from the monthly payments so they can receive a lump sum when they file their tax return next year. On joint returns, both parents must unenroll.
Keep in mind: The automatic advance payments may reduce your customers' tax refund next season up to nearly $2000 per qualifying child.
REEFUNDS DUE FROM THE UNEMPLOYMENT AND EXCESS ADVANCE PREMIUM TAX CREDIT CHANGES
Any refunds due from the IRS changes regarding the Unemployment and Excess Advance Premium Tax Credit chances will be issued directly from the IRS.
The IRS has advised that you should not amend returns that had Unemployment Compensation or Repayment of the Advance Premium Tax Credit.
CA Golden State
Stimulus I & II
The CA Golden State Stimulus has been expanded! Now people may qualify for the new Golden State Stimulus II.
To qualify, you must:
Have filed your 2020 taxes
Have a California Adjusted Gross Income (CA AGI) of $1 to $75,000.
Have wages $75,000 or less
Be a California resident for more than half of the 2020 tax year
Be a California resident on the date payment is issued
Cannot be claimed as a dependent by another taxpayer
Click here to see how much you may receive...
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