Monday is the last day to update child tax credit information with the IRS

(Gray News) - Any families who want to opt out or make changes to their payment information for the last child tax credit payment of the year must do so by 11:59 p.m. Eastern on Monday.

Any updates made will be reflected in the last monthly payment for 2021, scheduled for Dec. 15.

Click here to make any changes through the child tax credit update portal

Most eligible families began receiving monthly payments in July 2021 as part of the American Rescue Plan.

Each payment for these families is $300 for each child up to age 6 and $250 for each one between the ages of 6 and 17.

According to the IRS, the payments are based on returns filed for 2019 or 2020.

Those who opted to receive the monthly child tax credit payments are typically receiving half of their total credit in advance and can claim the rest of the amount when they file their 2021 federal income tax return.

The IRS said families will receive Letter 6419 in early 2022 that will document any advance payments issued to them during 2021. The letter will also include the number of qualifying children.

The IRS launched a new Spanish-language version of the child tax credit update portal that allows families to verify their information and make any necessary changes.