Many families will soon begin receiving monthly payments from the IRS, thanks to an enhanced Child Tax Credit. This tax credit is intended to reducing families' tax liability for each qualifying child younger than 18.
The American Rescue Plan, signed into law in March, temporarily increased the credit and makes part of the payments available early to help families dealing with the lingering impact of the COVID-19 pandemic. Beginning around July 15, many American families will receive $250 to $300 monthly for each qualifying child.
If you qualify, these payments will be deposited electronically into the same account you provided to the IRS for your most recent tax return, your Social Security benefits, or previous COVID-19 relief checks. Child tax credit payments are expected to be deposited around the 15th of each month, from July through December 2021.
If the IRS has your ACU of Texas account on file, you can check Online Banking to see if your child tax credit payment has been deposited to your account. It's faster than calling the credit union! As soon as your funds are deposited by the IRS, you will have access to them.
To determine if you qualify for payments, use the IRS “Child Tax Credit Eligibility Assistant.” For detailed information about the tax credit, visit irs.gov or watch the agency’s one-minute YouTube video.
The IRS has also launched a Manage Payments portal where you can check your payment status and unenroll in the advance payments.
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