Direct deposit for the child tax credit: how to set it up, correct errors, prepare for the next payment
The first oneup to $ 300 per eligible child hit the bank accounts of millions of families this week. 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. While it is too late to provide your up-to-date banking information for the July payment, you can still change it in time to get 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 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., one of the tools available to help families register for and manage their child
Set up direct deposit for the month of August using the update portal
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 you have set up a direct deposit but still have 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 are receiving 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 a 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.
Married couples who file together must take that extra step
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 is tax credit payments. Also here is and what the are for.monthly child