SYLVANIA TWP., Ohio (WTVG) – If you qualify for a child tax credit and you have not opted out, you will start seeing monthly online deposits or physical checks starting July 15, 2021. The IRS is posting on social media it is already seeing scams.
“To be clear, the IRS never contacts you via phone. Ever, ever,” explains Tom Baird, a Certified Public Accountant with ToledoCPAs.com. He says the Advance Child Tax Credit Payments, which have yet to arrive, are already becoming a launching point for scammers. “They’re trying to get your bank account info, you know, possibly get you to pay to get something done, or just get your social security number, which is a big thing nowadays, too.”
The annual deduction at tax time amounts to $3,000 per child ages 6-17 and $3,600 for kids 5 and younger. As part of the pandemic relief, that money will be doled out in monthly installments to those who meet the income requirements of Adjusted Gross Income for an individual earning less than $75,000 per year or a married couple filing jointly earning less than $150,000.
Any payments you may receive will be automatically deposited or will arrive in the mail via physical check beginning July 15, 2021. You do not need to take additional steps to get that money, according to watchdog groups such as the BBB.
“Bottom line, don’t believe messages, emails, texts that claim they can help you get your tax credit. It’s a lie. The IRS is going to send the money automatically,” says Dick Eppstein, President of the Better Business Bureau of Northwest Ohio and Southeast Michigan. Eppstein has also started fielding phone calls and messages about scams related to the Child Tax Credits.
If you would prefer to opt out of the Advance Child Tax Credit Payment program and instead receive your full credit when you file your 2021 taxes, CLICK HERE.
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