Deductions & credits

Good news!  The IRS has indicated that it will be updating its Child Tax Credit Update Portal to allow you to make changes to your dependent information.  This means you will be able to let the IRS know about your new bundle of joy and start receiving the advanced payments.  The bad news is that this planned update is not scheduled to happen until "late summer".  You will miss the first few advance payments.  Congratulations on your new baby!