The Internal Revenue Service makes the advance child tax credit payments on the 15th of every month, starting from July to the end of the year.
If you received the first child tax credit payment direct deposited into your bank account, but the rest hasn’t come through yet, you might want to update the IRS with your new payment information. When you change bank accounts or close, the Internal Revenue Service doesn’t receive the update automatically unless you tell them. What you need to do when you miss a payment from the IRS is updating the agency by following simple steps.
In this article, we’ll go through the ways you can update the IRS about a change in the payment information to get a portion of your advance CTC delivered to the right account.
Update IRS using child tax credit portal
After the child tax credit was enhanced, the IRS introduced an online tool where you can enroll, unenroll, and update your payment information. It works seamlessly and doesn’t take much time to complete. After your payment information is complete, the upcoming months’ advance payments will be directly deposited into the bank account you entered. Considering that around 35 million families receive advance payments and the total is close to $15 billion, it’s a lifesaver to handle these online with the click of a few buttons.
To get started with the child tax credit online portal, you will need to use your IRS username and password or ID.me credentials. Without these, you won’t be able to change your payment information. If you don’t have any, you can create an ID.me and verify your identity to use it on the IRS website.
Updating payment information via tax forms
Whenever you submit a tax form to the Internal Revenue Service, and it requires you to enter payment information, your bank account is automatically updated. Think of tax forms like Form 1040 and Form 9465. These types of tax forms will update your payment information after the IRS receives them.
When is the next child tax credit payment?
The child tax credit’s advance payments are sent on the 15th of every month after the second half of the year. You will receive your advance payment on the 15th of July, August, September, October, November, and December.
Can I unenroll from the CTC payments?
Taxpayers that don’t want to receive advance payments have the option to opt out. If you don’t want to get advance child tax credit payments, you can simply sign off. To no longer receive the advance child tax credit and claim the full credit on taxes, select unenroll on the online portal.