The two-week countdown has already begun for the Internal Revenue Service to start issuing the newest “stimulus” checks to eligible Americans.
The $1.9 trillion stimulus bill allows families to claim a credit of up to $3,600 per year for a child under the age of six and up to $3,000 for children between ages six and seventeen—amounting to a $250 or $300 cash payment each month through the end of the year.
However, one of the more common questions currently being raised among parents is regarding babies that are born this year—and if they would give their parents an extra $3,600 payment.
It appears, according to the IRS, that they would indeed be eligible for the funds. But there is one extra step involved to claim those credits—and the IRS has launched two portals to handle such special cases.
First is the Child Tax Credit Update Portal, which will allow individuals to report any changes, such as number of dependents, including those born in 2021, and earned income, throughout the year. This tool will also enable “families to verify their eligibility for the payments and if they choose to, unenroll, or opt out from receiving the monthly payments so they can receive a lump sum when they file their tax return next year.”
“The Update Portal is a key piece among the three new tools now available on IRS.gov to help families understand, register for and monitor these payments. We will be working across the nation with partner groups to share information and help eligible people receive the advance payments,” IRS Commissioner Chuck Rettig noted in a statement.
For those who have yet to file their federal tax returns, the go-to option should be the Non-filer Sign-up Tool, which will give the IRS the necessary personal and financial information to properly disburse the credits.
The agency says that this tool will provide “a free and easy way for eligible people who don’t make enough income to have an income tax return-filing obligation to provide the IRS the basic information needed.”
The IRS also recently noted that taxpayers should also be on the lookout for several letters related to the credits.
“In the next few weeks, letters are going to eligible families who filed either a 2019 or 2020 federal income tax return or who used the Non-Filers tool on IRS.gov to register for an Economic Impact Payment,” the agency says.
“The letters will confirm their eligibility, the amount of payments they’ll receive and that the payments begin July 15,” it adds.
Ethen Kim Lieser is a Minneapolis-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.