Problems with direct deposit of your child tax credit? Here’s how to fix it by August 2
The first onewas sent to millions of families last week. Many were sent by direct deposit if the IRS had banking information from tax refunds or stimulus checks. Eligible parents received up to $ 300 per eligible child and will continue to receive monthly payments until December. But what if you haven’t set up the correct direct deposit information with the IRS, or if you haven’t added your bank details at all? You may wait a few more days for a paper check to reach you in the mail.
The IRS plans to send direct deposits on the 15th of each month: July 15, August 13 (since 15th falls on a Sunday), September 15, October 15, November 15, and December 15. You still have time to update your banking information for your August payment. Otherwise, your checks will continue to arrive in the mail.
Read on to learn how to set up direct deposit using the, one of the tools available to help families register for and manage their child tax credit payments. We will keep this story updated as the IRS releases new information. Plus, here’s how you should receive if you are concerned that your July payment is too much or too little.
Use the Child Tax Credit Update Portal to set up direct deposit
If you need to add or update your bank details with the IRS, you can do so using the IRS Child Tax Credit Update Portal. If you do not have an IRS account, you will need tobefore having access to the portals.
Once logged in, you will be able to see if you have already signed up to receive your direct deposit payments. If so, you will see your bank routing number and the last four digits of your account number. Otherwise, you will need to add your information. If this is incorrect account information, you can update it.
The deadline to add your bank details to get the August payment by direct deposit is August 2 – the same deadline for.
If your direct deposit information is up to date but you still received a paper check
If you get a child tax credit check even though you’ve set up direct deposit, you’re not alone. Some Reddit users report that the update portal shows they receive a paper check instead of a direct deposit, even though they have added their bank account details.
Here’s what you’ll want to do: Check that your bank details are correct and that there are no errors. If there are no errors, you may have missed the June 28 deadline to add or update your contact information, so the IRS will use what it had on file to. the time. If your bank details are correct and you receive another paper check in August, it may be time to contact the IRS to see what happens.
What to do if you don’t have an open bank account
If you’d rather receive your child tax credit by direct deposit instead of a paper check but don’t have an account, the IRS says you can find a financial institute to open a low-cost bank account. or toll free. Visit the Federal Deposit Insurance Corporation website for details on opening an account or finding a bank branch near you.
What should married couples do when filing jointly
If you are a married couple filing jointly, you will each need to add or update your direct deposit information. Even if you share a bank account, you will both need to update your bank account information on the same day on the same account to continue receiving joint payments.
If someone does not update their information, they will likely receive a check for that partial monthly payment. For example, if you expect to receive $ 300 per month, your family might only receive $ 150 in direct deposit and $ 150 in the form of a postal check.
For more information, here ismonthly child tax credit payments. Also here is and what the are for.