If you’re one of the millions of people who aren’t required to file taxes —— the IRS has a different way of handling your for up to $3,600 per eligible kid. If you did file a one-time tax return by the May 17 deadline (even if you don’t usually file), you shouldn’t need to do anything else to receive the first payment in July. But nonfilers who haven’t taken that extra step will have some extra work to do.
The first child tax credit check is scheduled to arrive July 15 forwith . The amount you receive is based on your income, how many kids you have and their ages — you can before the payments are sent.
We’ll explain everything you need to know if you don’t typically file your taxes. Also, here’sif you just want one large check. We’ve also got some ideas for when it arrives.
Use the IRS portal to update your information
Thein July to help people who don’t normally file taxes. The portal is expected to let tax nonfilers submit a simplified electronic form to let the IRS know how many kids they have and their ages — — so they can get the correct payment amount. This would also help people who don’t have bank accounts, as well as people who experience homelessness.
A second portal will also be available to help families who need to inform the IRS of any life changes, such as an income change. It’ll also let families.
Since the IRS is basing payments off 2020 tax returns or 2019 tax returns, you will need to file a simple one-time tax return to get your money, even if you’re not usually required to file. In fact, the IRS is urging people with children to file their taxes as soon as possible to make sure they get the right amount of money (more below).
Check your information on the stimulus payment portal
While you wait for the IRS portals to open, you can check to see if your information is updated on the stimulus payment portal, said Garrett Watson, a senior policy analyst at Tax Foundation.
If you received a stimulus payment and you’re a nonfiler, your information should be on file with the IRS already. However, if you notice some details are off — maybe you justor gained a new dependent — you’ll need to make sure the IRS has that information by using the portals when they open.
It’s not too late to file your taxes, but…
It’s not too late to file your taxes if you haven’t yet. The deadline was May 17, but as a nonfiler, you should be in the clear since you don’t owe taxes. But do note the IRS typically doesn’t accept direct deposit information if the filer doesn’t have a refund when submitting a tax return, Watson said.
If your are not able to file federal income tax returns electronically (PDF) due to tax return preparation software and return processing parameters that do not accept $0 AGI entries.”is $0, the IRS says “individuals generally
You should also know you’re eligible for child tax credit payments even if you don’t pay taxes. That means taxpayers can get the credit even if they don’t have earned income or don’t owe any income taxes.
For more information about the child tax credit, here’s what you need to. Also, here’s when to expect your monthly child tax credit payments and what you need to know about the .