Expert provides answers for Oklahomans curious about upcoming child tax credit payment
Long-awaited payments will hit Oklahoma parents’ bank accounts this week as the IRS’s child tax credit payment will go out Thursday.
Things will look a little different this year for Oklahomans who are eligible for a child tax credit.
“The IRS will be paying individuals with qualifying dependents under the age of 18 an advance on the child tax credit,” said Annette Hill, a financial analyst with Travis Watkins Tax Resolution and Accounting Firm.
In previous years, parents would get $2,000 per child. This year, families will receive $3,600 for children under the age of 6 and $3,000 for children 6 to 17.
Instead of waiting until after you file your taxes to get your full payments, parents can receive half of it early, and they’ll get the remainder of the credit next year.
Hill told KOCO 5 the credit will come in the form of monthly payments, going out the 15th of each month for the rest of the year. She also said parents will have the choice of opting out of advanced payments and receiving a lump sum next year.
“The advantage of that is they can get a bigger refund if due come next year when they file their taxes, or that credit can offset any balance that may be owed,” Hill said. “It’s less of an audit risk at that point, too.”
According to the IRS, single filers earning up to $75,000 and joint filers making up to $150,000 will get the full amount. They said if you make more, you can still get the monthly payments but not the full amount.
The IRS will start sending out payments Thursday. Hill said people should contact the financial institution and then the IRS if they haven’t received their payment within five days.
- Child Tax Credit Eligibility Assistant
- Child Tax Credit NON-FILER SIGN UP TOOL: to provide NEW information to the IRS
- Child Tax Credit UPDATE Portal: to update your information with the IRS