The child tax credit applies to taxes you owe to the federal government, which helps offset any tax burden you may have. If you don't owe taxes, this money will be refunded to you. Fully refundable means that you can receive the full amount of the credit as a refund. For example, if you take turns claiming a child on a tax return and apply for a child for the CTC this year, you'll also need to apply to that child for the Earned Income Tax Credit (EITC) this year, if eligible.
Parents who don't have a social security number will need an individual tax identification number (ITIN) to apply for the child tax credit, even if they don't file taxes. We encourage people to file taxes to be considered for other valuable tax credits, such as the child and dependent care credit for child care that allows them to work or the American Opportunity tax credit for tuition or the costs of post-secondary education. The Get It Back campaign helps eligible people apply for tax credits and use free tax filing assistance to maximize time The IRS Child Tax Credit (CTC UP) update portal allowed you to opt out of early CTC payments, change the way you received them advance payments and check the amount of advance payments you received. For official guidance, see IRS Publication 972, Child Tax Credit and Credit for Other Dependents.
Also, keep an eye out for emails with attachments or links that claim to have special information about early child tax credit payments or refunds of the child tax credit. You can add or change your bank account information through the IRS child tax credit update portal. The portal is no longer available and the IRS has completed the disbursement of the advance payments of the child tax credit. If you already received the first half of your child tax credit last year, you'll receive the second half after filing your tax return this year.
If you haven't filed a tax return for this year or previous years and think you may owe taxes, see “Filing Overdue Tax Returns” on the IRS website to learn what to do. The child tax credit provides money to support American families by helping them make ends meet, pay more easily for the costs of raising children, or saving for their children's future. To unsubscribe from monthly payments or unsubscribe, you can visit the IRS child tax credit update portal.
