Monthly Payments Begin July 15
Starting July 15, 2021, the U.S. Internal Revenue Service (IRS) will send advance monthly payments of half of the total yearly amount earned for the Child Tax Credit to those who qualify. These changes apply to tax year 2021 only. Recipients can claim the other half of their credit when they file their 2021 income tax returns. The advance monthly payments will be distributed through December 31, 2021. Recipients can choose to opt out from these payments and instead receive the entire credit as one lump sum when they file their 2021 taxes.
Enrollment for advance payments of the Child Tax Credit will happen automatically – no additional action is required on the taxpayer’s part. Eligibility to receive the credit is based on information previously provided to the IRS by the taxpayer.
DIRECT DEPOSIT TO YOUR SLFCU ACCOUNT
If you qualify for the Child Tax Credit, have not opted-out from advance monthly payments, and have set up direct deposit on an SLFCU account for previous IRS payments (e.g., tax refunds), you will receive the monthly payments directly to that account. Please check your most recent tax return to confirm which account you have listed to receive IRS payments.
SLFCU does not know the status of your Child Tax Credit payments or when you will receive them. As we receive electronic payment information from the IRS, we will process it as quickly as possible. The best way to see if a monthly payment has been deposited into your account is to use online or mobile banking or automated phone banking. Please note that you must call us at 505.293.0500 to enroll in automated phone banking prior to using it.
If the IRS does not have your banking account information, they will send your payments to you by mail. SLFCU is not involved in the mailing of these payments.
IF YOU DO NOT SEE A PAYMENT REFLECTED ON YOUR DESIGNATED SLFCU ACCOUNT
First, check this IRS portal to see where your payment was sent. If the payment information looks accurate, please allow time for the transaction to be posted to your SLFCU account by end of day. Any missing payments should be reported to the IRS on the following business day.
- Advance Child Tax Credit Payments in 2021
- Advance Child Tax Credit Eligibility Assistant
- Tell the IRS to direct deposit your refund
- FAQs about advance payment process for the Child Tax Credit
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