American Rescue Plan and Child Tax Credit Portals
As part of the American Rescue Plan, the IRS will begin issuing the 2021 Child Tax Credit monthly payments beginning on July 15. If you are eligible for the full amount, you will begin receiving $300 per month amounting to half of the full $3,600 benefit amount by December. The other $1,800 will be claimed on next year’s taxes.
If you filed taxes for 2020 or 2019, chances are you will not need to do anything further in order to receive the child tax credit.
However, if you had a baby in 2021, recently adopted or generally do not file taxes, then you will need to update your information with the IRS.
Two New Portals
In order to allow this, the IRS is setting up two online portals for people to register for the tax credit or change information that could now qualify or make them ineligible for the money.
The first portal will allow eligible Americans who have a 2020 or 2019 tax return that has been processed by the IRS to provide updated information, like a change in the number of qualifying children, change in marital status or a significant increase or decrease in income. It will also allow people to opt-out of receiving advance monthly payments altogether.
The second portal will allow eligible non-filers to provide the necessary information to the IRS in order to receive their payment. Eligible individuals include those who do not have a 2020 or 2019 tax return on file with the IRS, did not use the EIP non-filer portal last year and are below the tax return filing threshold in order to receive the benefit.
The tax credit will allow for up to $3,600 per child for children under 6 years of age before the end of the year and $3,000 for each child over the age of 6 and up to 17 years of age before the end of the year.
The payments are to be sent in monthly installments of $300 per child through December with the remainder of the benefit to be paid in a lump sum next year around tax time.
Get your maximum health insurance subsidy in addition to any child tax credits you may qualify for.
We will make sure that you get the maximum amount of financial relief that you’re entitled to.
You probably qualify for low or zero-premium healthcare with the lowest deductibles, lowest out-of-pocket costs, and the lowest cost to see your doctor.
This is full coverage and covers everything from the private health insurance companies that you can choose like Anthem, Blue Cross, Blue Shield, Cigna, Aetna, United Healthcare, and all the brand name carriers that you know and trust.
Call us at (877) THE HALO to make sure you get every dollar this new law wants to give you.
Discuss how the new law impacts you
Review your coverages
Show you all your options
Help you complete your application
Calculate your subsidy and get you the maximum
Submit it to the federal government
Get you approved within minutes!