Child Tax Credit Payments
The IRS recently announced important changes to the Child Tax Credit that will help many families get advance payments of the credit starting this summer.
The IRS will pay half the total credit amount in advance monthly payments beginning July 15. You will claim the other half when you file your 2021 income tax return. These changes apply to tax year 2021 only.
If you have your tax returns direct deposited into your checking account we will receive your payment electronically. If you do not receive your payment as expected, please check the Child Tax Credit Eligibility Assistant on the IRS website to see if you are eligible. You may also quickly and easily update your bank account information through the Child Tax Credit Update Portal available on the IRS website. Use this site to:
- Check enrollment eligibility
- Opt-Out to stop getting advance payments
- Provide or update your bank account information for monthly payments starting with the August payment
BTC Bank is taking proactive steps to respond to the needs of our customer family to get access to the government’s advance Child Tax Credit payments quickly, securely and safely. A few things to keep in mind:
- The Internal Revenue Service (IRS) is responsible for the timing, amount and distribution of these payments.
- The IRS will distribute payments using the information that the IRS has on file for each eligible individual or family.
- For most of the recipients, payments will be deposited directly into the same bank account that they have most recently used to receive a tax refund or monthly Social Security payment.
- Others will receive paper checks or prepaid cards in the mail, at the address that the IRS has on file for that individual.
- Banks, including BTC Bank, cannot provide personal account or address information to the IRS.
- Direct deposits are posted for open accounts on the effective date set by the Treasury.
- The best way to track the status of your payments is to visit the “Child Tax Credit Update Portal” on the IRS website: www.IRS.gov.
- Please consult your tax advisor regarding your unique tax situation.