Child tax credit and ID.me: it’s not too late to manage your IRS payments

To manage your child tax credit payments, you must log into the IRS website.

Angela Lang / CNET

Guess what? If you follow the requirements for the temporary extension of the child tax credit this year, the first advance payment will be automatically deposited into your account or mailed on July 15th. That doesn’t mean, however, that there is nothing to be done before that money arrives on Thursday. New IRS Portals and Tools are open to help you verify your eligibility, sign up for the tax credit if you are non-declarant, or opt out monthly payments if you prefer a large payment instead.

To manage your payments this summer and beyond, you’ll need an account with the IRS, which means creating an ID.me account. An account will bring you important advantages: it will soon allow you to inform the tax authorities about your current family situation so you will receive the correct amount of child tax credit money. You can use it now to update your direct deposit information and next month you can update your mailing address.

We will walk you through how to create an ID.me account below and tell you what you need to opt out of the 2021 Child Tax Credit Prepayment Program, if that’s what your family chooses to do. To learn more, here’s how to calculate your estimated total child tax credit checks, How? ‘Or’ What see if you are eligible and what you will need to do next tax season if you receive payments in 2021.

Why is an ID.me account important for child tax credit money?

ID.me is an online tool used by the IRS, the Treasury Department, the Social Security Administration, and other government agencies to verify your identity. Once you’ve been verified on a site that uses ID.me, you can use the same login details on any other site that uses the secure login service.

Currently, the IRS uses ID.me only for its child tax credit tools. If you don’t want to collect the child tax credit advance payments this year and would rather receive a large payment next year, you will need this account with the IRS to do so. If you already have an IRS account and username, you can use that instead.

Here are some reasons you may want to unsubscribe and what are the deadlines for doing so.

How can I create an ID.me account?

Before you begin, you’ll need to gather a handful of things, including your Social Security number, some photo ID – like a driver’s license or passport – and a phone or computer with a camera.

1. Head to the Child Tax Credit Update Portal and press the blue button, Unsubscribe from advance payments. On the next page, press the button marked ID.me Create an account.

2. Now enter your email address and choose a password, then tap Create an account.

3. Learn more about the ID.me service and press Carry on.

4. ID.me will ask you to confirm your email address and give you the option to configure multi-factor authentication – an additional step that you can take to prove that it is you who is making the request and not someone else who is trying to access your account.

5. Then upload a photo of your photo ID. Then take and upload a selfie using your phone or computer camera. If you want to use your phone, ID.me will send a text message with a link to take and submit your photos.

6. Once you’ve uploaded your images, you’ll enter your social security number and confirm any other information you’ve entered. When you are ready, click Carry on.

7. ID.me will send you an SMS confirming that you want to create an account. If you want to continue, click Authorize and continue to the ID.me page to send the verification to the IRS.

If ID.me is unable to verify you, you will be given the option to make a video call with a “trusted arbiter” to complete your verification.


Now playing:
Check this out:

Child tax credit: everything we know


4:17

Here is what you need and your dependents to be eligible for payments. For more financial benefits this year, here’s how to save money on child care expenses and health expenditure.


Source link

About Mariel Baker

Check Also

Universities with the most graduates working in the best Fortune 500 companies

The University of Phoenix tops the list of universities with the most alumni working in …