CLEVELAND (WJW) — You may need to update any income changes before the next advance Child Tax Credit payment scheduled for November 15 and if that’s the case, the Internal Revenue Service is making changes to how you can do that.
If you have any income changes, the IRS says you need to update it by midnight November 1, in order for them to be reflected in your November payment.
Once you make the update, the IRS will adjust the remaining payments so you’ll receive the total advance payment for the year.
Could you qualify for a bigger payment?
Maybe; if you get monthly payments that are below the maximum and you experienced job loss during 2021, or for some other reason are receiving substantially less income this year. Reporting that change now may increase the amount of your advance CTC payments for the rest of this year.
If you’re not able to make the changes by November 1, you can enter them by November 29 so it’ll show in the December payment.
For married couples, if one spouse makes the income update, it will apply to both spouses and could impact both spouses’ future monthly advance payments of the Child Tax Credit.