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Child Tax Credit & Custody

2021 – 10/06 Taxpayers who share child custody may have questions about advance child tax credit (CTC) payments. In shared custody cases, the IRS determines which parent receives the payments based on information on the taxpayer’s 2020 tax return (or 2019 for some). The parent who claimed the CTC for 2020 (or 2019 if applicable) receives the 2021 advance payments. What if you won’t be eligible to claim CTCs when you file your 2021 return? Use the CTC update portal to disenroll; otherwise you may have to return the payments later. If your situation changes and you become eligible, you can claim the CTC when you file your 2022 tax return. Here’s more, including the CTC update portal: https://bit.ly/3mtcNLK

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