Update Bank Info for Advance Child Tax Credit Payments on IRS.gov
Monthly Advance Child Tax Credit payments are set to begin in two weeks. While it’s too late to change the bank account that will receive the July 15 payment, qualifying taxpayers can now use a tool on IRS.gov to update their information before the August payment is issued.
The Internal Revenue Service announced a new feature for the Child Tax Credit Update Portal this week that will let users change the routing number used to receive direct deposits of the monthly advance payments. Those who want to update their account in time for next month’s payments need to do so by August 2—otherwise, the agency will send money using the method currently on file on August 13.
Check eligibility and more with the Child Tax Credit Update Portal.
Prior to the most recent feature update, the Child Tax Credit Update Portal still served as an important payment management tool for taxpayers—like helping families determine eligibility for the credit and choosing their payment method.
“First, families should use the Child Tax Credit Update Portal to confirm their eligibility for the payments,” the IRS says. “If eligible, the tool will also indicate whether they are enrolled to receive their payments by direct deposit.” The displayed information is where the July 15 payment will be direct deposited, “and if they don’t change the account, all future payments will go there as well.”
The IRS says that everyone should choose direct deposit for these monthly payments, citing speed, security, and convenience. Luckily, opting into direct deposit only requires entering three pieces of information:
- Routing number
- Account number
- Account type
When it comes to the type of account, users need to “[indicate] whether it is a savings or checking account.”
What if someone doesn’t want to get monthly advance payments of the Child Tax Credit?
The IRS notes that some taxpayers may not want to receive the Advance Child Tax Credit payments. Some might not want to deal with reconciling the payments next year (Topic H under the Child Tax Credit FAQ), while others may have one of the following reasons:
- Their income in 2021 is too high to qualify them for the credit.
- Someone else (an ex-spouse or another family member, for example) qualifies to claim their child or children as dependents in 2021
- Their main home was outside of the United States for more than half of 2021
Regardless, the IRS says the Child Tax Credit Update Portal will even let taxpayers opt out of the monthly payments: Simply choose the “unenroll feature.”
To learn more about the Child Tax Credit Update Portal and the Advance Child Tax Credit payments, visit IRS.gov.