MEP The Tax Lady

The IRS tool had been updated so you can now update your banking info. You will have to have your drivers license handy to sign up for an online account.

Child Tax Credit Update Portal | Internal Revenue Service Unenroll if you don’t want to get advance Child Tax Credit payments or check if you’re enrolled.

Big News! The Update Portal for the Advanced Child Tax Credit is open. You should be able to use this to update your bank account, your dependents status and opt out of advanced monthly payments.🤞🏼

Child Tax Credit Update Portal | Internal Revenue Service View your eligibility and unenroll from advance payments of the Child Tax Credit.

The IRS is still issuing the latest stimulus Economic Impact Payments. Here’s how the third Economic Impact Payment is different from earlier payments:

The third Economic Impact Payment is different from the first and second payments in several ways.

The third Economic Impact Payment is an advance payment of the 2021 recovery rebate credit. The two earlier payments are advance payments of the 2020 recovery rebate credit. Eligible people who didn't get a first and second Economic Impact Payment or got less than the full amounts, may be eligible to claim the 2020 recovery rebate credit and must file a 2020 tax return even if they don't usually file a tax return.

The third Economic Impact Payment will be larger for most eligible people. Eligible individuals who filed a joint tax return will receive up to $2,800, and all other eligible individuals will receive up to $1,400. Those with qualifying dependents on their tax return will receive up to $1,400 per qualifying dependent.

More people qualify as dependents. Unlike the first two payments, the third payment is not restricted to children under 17. Eligible families will get a payment for all qualifying dependents claimed on their return. This may include older relatives like college students, adults with disabilities, parents and grandparents.

Income phase-out amounts are different for the third payments.
Taxpayers will not receive a third payment if their Adjusted Gross Income exceeds:
$160,000, if married and filing a joint return or if filing as a qualifying widow or widower.
$120,000, if filing as head of household.
$80,000 for eligible individuals using other filing statuses, such as single filers and married people filing separate returns
This means that some people won't be eligible for the third payment, even if they received first or second EIPs or are eligible for a 2020 recovery rebate credit.

Some people may be eligible for a Supplemental Payment.
The amount of the third payment is based on the taxpayer’s latest processed tax return from either 2020 or 2019. If the taxpayer's 2020 return hasn’t been processed, the IRS used 2019 tax return information to calculate the third payment.

If the third payment is based on the 2019 return, and is less than the full amount, the taxpayer may qualify for a supplemental payment. After their 2020 return is processed, the IRS will automatically re-evaluate their eligibility using their 2020 information. If they’re entitled to a larger payment, the IRS will issue a supplemental payment for the additional amount.

Attention College and University Students