The IRS has launched two new online portals to assist taxpayers in prepaying the Child Tax Credit, which begins July 15.

One of the tools, the Child Tax Credit Eligibility Assistant, is designed to help taxpayers determine if they qualify for a tax credit pre-check. Up to half of the child tax credit, expanded by the Biden administration's American Rescue Plan, will be paid in monthly installments through the end of 2021.

The portal asks a series of questions, such as U.S. residency and whether you claimed the child tax credit on a previous tax return. They may also be required to provide information about their income, filing status, and eligible dependents in order to determine eligibility.

To receive an advance payment, you must have filed a tax return in 2019 or 2020 or used one of the non-filer tools to submit information to the IRS. The amount paid will be based on the most recent income tax return available.

However, families are not required to accept the advance payment and may instead elect to take a deduction from the taxes owed when they file their 2021 tax return in early 2022.

The Child Tax Credit Update Portal allows you to de-enroll in the prepayment program. To use the de-enrollment tool, you must have an existing IRS.gov account or an ID.me account that can be created through the portal.

Another reason to use the de-enrollment portal is if you do not believe you qualify for the child tax credit because of your higher income in 2021. If they receive prepayment and then this year's income is higher than expected, they may have to return the check with the 2021 tax amount.

The expanded child tax credit provides up to $3,600 per child under age 6 and up to $3,000 per child ages 6-17. They are $300 per month and $250 per month, respectively.

However, these amounts are phased out by $50 for each $1,000 of income for single filers with annual incomes of $75,000 or more and married filers with annual incomes of $150,000 or more.

Families with incomes above the phase-out range will continue to receive the pre-2021 regular credit of $2,000 per child under age 17, but not as an advance payment at all. (Children who turn 17 in 2021 do not qualify for the regular child tax credit.)

Families in the 12 largest metropolitan areas in the U.S. will be able to directly help register for the child tax credit in the coming weeks. The IRS is partnering with community organizations to host tax assistance events on June 25-26 and July 9-10.

These events will be held in Atlanta, Detroit, Houston, Los Angeles, Las Vegas, Miami, Milwaukee, New York, Philadelphia, Phoenix, St. Louis, and Washington D.C.