Families can now provide or update their direct deposit information for the monthly child tax credit payments through the IRS’ upgraded online portal.
The monthly payments — made possible by the $1.9 trillion American Rescue Plan Act that also increased the child tax credit amount — start on July 15. But that first payment will reflect the direct deposit information the agency currently has on file.
If eligible households want to update or add direct deposit information, they must provide a routing number, account number and indicate whether it is a savings or checking account.
Eligible households will receive half of their total payments in advance over the next six months beginning in July and ending in December. Read more.