Are you still waiting on your stimulus money? Many Americans continue to wait for their money from stimulus checks, plus-up payments and child tax credit. If you are eligible and none of these payments have reached you, then you might have problems with your registered bank address. Luckily, the IRS opened up a new online portal where you could update your bank account information instantly.
The government continues to send out financial aid to eligible individuals who need help in the recent crisis. In particular, they are sending out:
The IRS takes your information and eligibility from your 2020 Tax Returns, and the money is sent to your registered bank account by direct deposit. If the account bank is experiencing problems, then the IRS sends you the money by paper check to your registered home address,
Child Tax Credit Bank Account Information
Problems with your bank account that usually prevents you from receiving your stimulus money include these kinds of situations:
- Wrong bank account registered: This happens when you provide an incorrect bank account number or register an entirely different bank from your current one.
- Closed bank account: Your bank account might have been closed without your awareness. This happens when you have an unpaid debt, your account has declined, or you got involved with legal transgressions.
- No registered bank account: You might have forgotten to include your bank information when filing your 2020 tax returns.
If you experience any of these circumstances, then you should immediately update your bank account information. Remember that paper checks have a longer processing and delivery time compared to direct deposit. If you want to get your stimulus money earlier, provide your current bank's correct details in the Child Tax Credit Portal.
How to Update Your Bank Account for Your Child Tax Credit
Journal of Accountancy reported that the new Child Tax Credit Update Portal lets you update your bank account information online. However, any update made before August 2 will be reflected on August 13.
The new Child Tax Credit Portal also has a lot of other uses. You can use it to declare any important changes in your family, like the number of dependents or babies expected to come out this year.
You can also use the new tool to receive advance payments or unenroll from the Child Tax Credit monthly payment.
Child Tax Credit $300 Monthly Payments
IRS is scheduled to deliver the first wave of Child Tax Credit payment on July 15. Eligible families can expect $300 monthly payments until December. The second half of the $3600 budget for Child Tax Credits will be delivered after 2021 tax returns have been filed.
Eligible recipients can also opt out of these monthly payments in favor of receiving the money in one lump sum. More details are available in this article.
Related Article: Fourth Stimulus Check Tracker: $600 Payments Approved in California [Eligibility Requirements and How to Monitor]