Fwd: Monthly Child Tax Credits Start TODAY - BEWARE! (ie: Opt Out)
צבי ותמר שרף
מאת: Jeff S. Melamed, CPA <jmela...@bezeqint.net>
Date: יום ו׳, 16 ביולי 2021, 06:31
Subject: Monthly Child Tax Credits Start TODAY - BEWARE! (ie: Opt Out)
To: Jeff S. Melamed, CPA <jmela...@bezeqint.net>
Cc: Jeff S. Melamed, CPA <jmela...@bezeqint.net>
Monthly Child Tax Credits for Eligible Families (ie: living in the U.S.)
U.S. taxpayers will start receiving monthly $250-300 per child payments starting TODAY, Thursday, July 15th as part of the American Rescue Plan.
Monthly payments are ADVANCES on the 2021 ENHANCED CHILD TAX CREDITS re: the following one-time changes for 2021 (only TAXPAYERS LIVING IN THE U.S. are eligible):
· Child Tax Credits increased to $3000 for children 6 to 17 (including 17 year-olds)
· Child Tax Credits increased to $3600 for children under 6
DANGER: Although these increases do NOT apply to taxpayers living OUTSIDE the U.S., the IRS will send you MONTHLY PAYMENTS even if you do not qualify!.
EXCESS PAYMENTS MUST BE PAID BACK TO THE IRS!!
HOW MUCH WILL THE IRS BE SENDING?
· For children eligible for $3000 (or $250/mo.), the IRS will be sending $250/mo. for 6 months, a total of $1500
· For children eligible for $3600 (or $300/mo.), the IRS will be sending $300/mo. for 6 months, a total of $1800
UNLIKE Stimulus Payments, if monthly payments EXCEED the amount of your actual 2021 refund, you will OWE the IRS money when you file your 2021 tax return!
If you do NOTHING, you automatically receive pmts, unless you “OPT OUT”.
In most cases, I suggest you “OPT OUT” of monthly payments asap:
The IRS created a “Child Tax Credit Update Portal” to OPT OUT, but it will not work for most taxpayers living in Israel.
THEREFORE, YOU MUST CALL THE IRS AT: (800) 908-4184 to OPT OUT
WARNING: if the IRS agent answering the phone says you CANNOT Opt Out over the phone, I’ve been told you should call back again and speak with another agent.
· Both spouses need to OPT OUT.
· It has been suggested to tell the IRS agent you can’t OPT OUT by using the IRS portal, as you’re unable to “create an account” (being that you live outside the U.S.)
AGAIN, not OPTING OUT of the advanced credit may result in a balance due when you file your 2021 tax return.
Jeff S. Melamed, CPA
Tel 02-991-8812
Fax 02-991-8815
Cell 052-6922-007
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IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that the federal tax advice (if any) contained in this e-mail is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code or promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Lisa Scharf
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