Advanced Child Tax Credit Payments

The child tax credit has changed and now taxpayers that are eligible for the credit will receive advanced payments to supplement the care for their child. 

The advanced child tax credit payments will start on August 2024 and there is a big chance that you’re automatically enrolled. Just in case though, we’ll help you go through how to enroll in the advanced child tax credit payments. 

How to enroll in advanced child tax credit payments?

The Internal Revenue Service will enroll taxpayers automatically to receive advanced child tax credit payments. If you don’t want to receive the advanced child tax credit payments, you also have the option to opt out. 

Check if you’re enrolled in the advanced child tax payments

The Internal Revenue Service created an online tool where you can check if you’re automatically enrolled in receiving the advanced child tax credit payments. You can also unenroll from the advanced child tax credit payments using the same tool and update your bank account information. Previously, updating bank information with the IRS was only possible by filing a federal income tax return with the IRS. You can update your bank account information to not only receive the advanced child tax credit payments but other payments from the IRS as well.

Head over to the Child Tax Credit Update Portal to check if you’re automatically enrolled or if you want to unenroll from receiving the advanced payments.

Enrolling in advanced child tax credit payments as a nonfiler

You can enroll in child tax credit payment as a nonfiler by entering your information on the designated tool. Use the nonfiler’s tool if you’re not required to file a federal income tax return for the 2024 taxes. Upon entering your information on the child tax credit, your eligibility will be determined and you’ll receive advanced payment as soon as they’re sent beginning in August.

You will need to enter the following information on the nonfiler’s tool for the child tax credit.

• Full Name
• Date of Birth
• Mailing Address
• Email Address
• Social Security Number (or other taxpayer identification number such as ITIN)
• Social Security Number for your dependent(s)
• Bank account information

Taxpayers that have an Identity Protection Personal Identification Number are required to enter their IP PIN. If you don’t have one, you can leave this part blank.

How much is the advanced child tax credit payment?

Eligible families and individuals will receive half of the enhanced child tax credit. You’ll get $250 for every child aged between 6 and 18 and $300 for children under the age of 6. You’ll get half of the credit, but if your income exceeds the income threshold corresponding to your filing status, you’ll have to pay back the excess credit received through the advanced payments. If you’re unsure how much you’re going to receive in child tax credit and think that you might have to pay back some of it to the IRS, consider unenrolling from receiving the payments.