Advance Child Tax Credit Payments Start Today
The advances going out today represent a prepayment of the tax refunds parents expect to receive at filing time next year.
If you received a tax refund by direct deposit earlier this year, check your bank account to see if you have a direct deposit payment of $300 for children age 6 and under, or $250 for children ages 7 through 17. If your bank account has changed since filing your last tax return, the bank should return or reject the direct deposit and the IRS will mail a paper check to you. We do not know how long this process will take.
If you claimed a child on your 2020 tax return but will not be claiming that child on your 2021 tax filing, you should go online to the Child Tax Credit Update Portal and unenroll from receiving the advance payments.
Accredited Tax Advisor
News from Cook & Co. Tax Advisors at 124 South Main Street in Arab, Alabama. Greg Cook is an Enrolled Agent, licensed by the U.S. Treasury Department to represent taxpayers before all administrative levels of the Internal Revenue Service (IRS). He is also a Certified Public Accountant licensed by the states of Alabama and Tennessee.