July is key for the advance Child Tax Credit. The IRS is rolling out a new feature online to update bank account information. More tips on the credit.
The first of six monthly payments for those who qualify for the Child Tax Credit will roll out in two weeks, beginning around July 15. Families who changed bank accounts recently or who need to provide direct deposit information will need to seek out a new online tool at IRS.gov. Do not click on any links in any emails as those are scams. Simply go to IRS.gov. The Internal Revenue Service announced Wednesday that it has updated its Child Tax Credit portal at IRS.gov so that people can supply information to have their money directly deposited. The IRS said those who update their information by Aug.2 will see that money directed to those bank accounts for the Aug.13 payment and all subsequent monthly payments for the rest of 2021. Families will receive their July 15 payment by direct deposit in the bank account currently on file with the IRS. Or those who are not enrolled for direct deposit will receive a check in the mail. It is possible to opt for direct deposit in the future, if you end up receiving a check. But you’d need to supply necessary information online by using the IRS.gov portal. You’d need to supply, for example, your bank routing number and account number and indicate whether it is a savings or checking account. „The IRS encourages people without current bank account information to use the tool to update their information so they can get the payments sooner,“ the IRS said Wednesday. The rollout in July is bound to be one of the more confusing massive payment programs yet. But it’s an important step in addressing child poverty and getting money soon into the hands of families that need it. I’ve heard from families who are worried that they still haven’t seen their 2020 income tax refunds — and wonder how they’ll get their monthly Child Tax Credit payments.
