Many Americans were frustrated in their efforts to get their stimulus payments from the different coronavirus relief packages because the IRS didn’t have correct direct deposit information for their accounts.
But Tuesday, the IRS announced it updated its Child Tax Credit Update Portal so eligible families expecting the monthly payments from the credit can update their direct deposit information.
The updated bank account information, though, won’t be for the first payment, which will be issued July 15, the IRS said.
Instead, any updates made by Aug. 2 will apply to the Aug. 13 payment and all subsequent monthly in payments 2021.
“Families will receive their July 15 payment by direct deposit in the bank account currently on file with the IRS,” the agency said. “Those who are not enrolled for direct deposit will receive a check. The IRS encourages people without current bank account information to use the tool to update their information so they can get the payments sooner.”
When you log into the Child Tax Credit Update Portal, you can confirm your eligibility for the payments.
If you are eligible, the tool indicate whether your direct deposit information is on file.
If it is, “it will list the full bank routing number and the last four digits of their account number. This is the account that will receive their July 15 payment, and if they don’t change the account, all future payments will go there as well,” the IRS said.
Next, you will have the option to change your bank account for the Aug. 13 payment and beyond.
“They can do that by updating the routing number and account number and indicating whether it is a savings or checking account,” the IRS said. “Note that only one account number is permitted for each recipient—that is, the entire payment must be direct deposited in only one account.”
If the portal shows that you’re eligible but not enrolled to receive direct deposits, you will receive a check. If you want to switch to direct deposit, the tool will offer that option, the IRS said.
Singles with adjusted gross income of up to $75,000 and married couples who file a joint tax return and earn up to $150,000 would get the full credit based on 2019 or 2020 tax returns, or based on information that taxpayers entered last year into the IRS’ Non-Filers tool.
The full amount could be as much as $3,600 per child up to age six, or $300 a month starting July 15, and $3,000 per child ages 6 to 17, or up to $250 per month. The remaining credit can be claimed on your 2021 tax return.
If you want to stop receiving the payments at any time, you can opt out. People whose income has gone up this year, making them ineligible, or those whose child aged out of the benefit, might want to make the change.
If the IRS pays you the monthly amounts and you don’t qualify by the time you file your 2021 tax return, you will have to pay the money back. Any repayments could lower your refund amount or it could mean you owe more when your tax return is processed.
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Karin Price Mueller may be reached at KPriceMueller@NJAdvanceMedia.com.
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