It’s the moment you’ve been waiting for…
As you may know by now, the IRS is ready to start sending the monthly cash payments to parents beginning July 15, 2021.
Since the announcement was made, many have wondered if they’d qualify or how they could go about getting the correct amount and we are finally seeing some answers.
As of today, the The IRS Has Opened The Portal For Parents To Register For The Monthly Cash Payments.
Now, it’s important to note that IF you’ve filed your 2019 or 2020 taxes, you really don’t need to do anything. You will automatically receive the money.
“Most families will begin receiving monthly payments automatically next month without any further action required,” the IRS said.
If you want to opt OUT of the monthly payments, you can do so soon but that part of the portal is not open just yet.
The portal right now is open and can be used for those that fit one of these criteria’s:
Use this tool to report your qualifying children born before 2021 if you:
- Are not required to file a 2020 tax return, didn’t file one and don’t plan to; and
- Have a main home in the United States for more than half of the year.
Also, if you did not get the full amounts of the first and second Economic Impact Payment, you may use this tool if you:
- Are not required to file a 2020 tax return, didn’t file and don’t plan to, and
- Want to claim the 2020 Recovery Rebate Credit and get your third Economic Impact Payment.
Do not use this tool if you:
- Filed or plan to file a 2020 tax return; or
- Claimed all your dependents on a 2019 tax return, including by reporting their information in 2020 using the Non-Filers: Enter Payment Info Here tool; or
- Were married at the end of 2020 unless you use the tool with your spouse and include your spouse’s information; or
- Are a resident of a U.S. territory; or
- Do not have a main home in the United States for more than half the year and, if you are married, your spouse does not have a main home in the United States for more than half the year; or
- Do not have a qualifying child who was born before 2021 and had a Social Security number issued before May 17, 2021.
How It Works
Use this tool to give the IRS your information.
They will automatically determine your eligibility and issue advance payments based on the information you give them.
After giving the IRS your information and they determine you’re eligible, you do not need to do anything to receive the advance payments.
In order you use the tool, you will need the following information:
- Full name
- Current mailing address
- Email address
- Date of birth
- Valid Social Security numbers (or other taxpayer IDs) for you and your dependents
- Bank account number, type and routing number, if you have one
- Identity Protection Personal Identification Number (IP PIN) you received from the IRS earlier this year, if you have one
Photos courtesy of Deposit Photos.