That could depend on how your last stimulus check or tax refund arrived. The Internal Revenue Service (IRS) will soon start sending monthly payments to millions of parents, thanks to the American Rescue Plan passed back in ount will depend on household income and the number of children in the household. If the IRS has your latest bank account information and has issued direct deposits in the past, the deposit should show up this Thursday or soon after. (Like stimulus checks, it could take a few business days for the money to actually make it into accounts.) If you have received stimulus checks and tax refunds by mail, it will depend on the vagaries of the U.S. mail system.
Future payments will be issued on the 15th of the month through . If the 15th is a weekend or holiday, the money will arrive on the closest prior business day. (ple, falls on a Sunday, so that month’s payment will arrive August 13.) The remaining balance will be issued as a credit when the recipient files their 2021 taxes.
Recipients can also opt out of monthly payments in favor of a lump-sum payment at tax time next year. The deadline to opt out before the July 15 payment has already passed. But the deadline to opt out of the August 13 payment is online payday loan Alabama state August 2.
Subsequent opt-out deadlines for payments going forward will occur three days before the first Thursday of the month for which someone intends to opt out. Here are the remaining opt-out deadlines:
- Payment Date: August 13 / Opt-Out Deadline: August 2
- Payment Date: September 15 / Opt-Out Deadline: August 30
- Payment Date: October 15 / Opt-Out Deadline: October 4
- Payment Date: November 15 / Opt-Out Deadline: November 1
- Payment Date: December 15 / Opt-Out Deadline: November 29
What Tools Are Available To You?
Qualified parents who have filed taxes in 2019 and/or 2020 or signed up for a previous stimulus check will automatically receive their advance Child Tax Credit payment from the IRS. If the information they have on file is up to date, no further action is needed.
In recent weeks, the IRS has launched three different tools to help potential recipients of the updated Child Tax Credit register, check their eligibility and even change their bank account information. Let’s review what these tools can do.
The Child Tax Credit Update Portal allows users to make sure they are registered to receive advance payments. It also lets recipients unenroll from advance payments in favor of a one-time credit when filing their 2021 taxes. The initial deadline for opting out of monthly payments has passed, but the next one is August 2. (Subsequent opt-out deadlines for future payments will occur three days before the first Thursday of the month from which a person is opting out.) The tool now also allows users to add or modify bank account information for direct deposit.
But when will your first check actually arrive?
Other features coming to the portal include viewing payment history and updating dependents. To access this portal, users need an IRS username or an account. is a sign-in service used by various government agencies, including the IRS, Social Security Administration and Treasury Department, to authenticate users. Users need valid photo identification to create an account.
#IRS recently upgraded a key online tool to allow families to update their direct deposit info with the IRS, switch from a paper check to direct deposit and even stop advance #ChildTaxCredit payments. Read: pic.twitter/823AhTZpJP