fbpx App Store Google Play
Stay In the Know. Update Your Contact Information Today!   Learn More

Child Tax Credit Payments

Starting July 15th the IRS will start to send out Child Tax Credit payments. The IRS launched two new online tools designed to help families manage and monitor the advance monthly payments of Child Tax Credits under the American Rescue Plan.

  1. Child Tax Credit Eligibility Assistant: Quickly determine whether you qualify for the advance credit
  2. Child Tax Credit Update Portal: Verify eligibility and manage payments

Click HERE for more information regarding the Child Tax Credit Payments in 2021.

As required by law and for security reasons, a letter about the Payment will be mailed to each recipient’s last known address within 15 days after the Payment is made. The letter will provide information on how the Payment was made and how to report any failure to receive the Payment.

If your direct deposit account information that the IRS has on file is the tax preparer, it is possible your Child Tax Credit payment will be directed to the tax preparer’s account. In this case, you will have to contact your tax preparer to gain access to those funds.

If the account is closed or no longer active, the bank will reject the deposit and you will be issued a check that will be mailed to the address we have on file for you. This is generally the address on your most recent tax return or as updated through the United States Postal Service (USPS). You do not need to call the IRS to change your Payment method or update your address at this time.

How is the amount I receive determined?

According to the plan, the amount you will receive is determined by your AGI and your tax filing status. The government will calculate the Child Tax Credit Payment and automatically send to those who are eligible using either your 2019 or 2020 tax filing to calculate the payment. The funds will be directly deposited into the same bank account reflected on your tax return.

The new maximum credit is available to taxpayers with a modified adjusted gross income (AGI) of:

  • $75,000 or less for singles,
  • $112,500 or less for heads of household and
  • $150,000 or less for married couples filing a joint return and qualified widows and widowers.

Where can I find my AGI?

To find your Adjusted Gross Income (AGI), look on a copy of your tax return.

2019 Tax Return:

  • On Form 1040, your AGI will be on Line 8b

2020 Tax Return:

  • On Form 1040, your AGI will be on Line 11

How to monitor your payment:

  • Log into Digital Banking. Monitor your account by using Digital Banking. Not enrolled in Digital Banking? Click HERE
  • Receive an Alert. Set up an Alert in Digital Banking to know exactly when your stimulus payment is deposited to your account.   (Menu > Settings > Alerts > New Alert > History Alert > Transaction Type / Credit Transaction > Amount > Account > Delivery Method / enter applicable info > Create Alert) OR (Menu > Settings > Alerts > New Alert > History Alert > Transaction Type / Description > Enter: IRS > Account > Delivery Method / enter applicable info > Create Alert)
  • Sign up for Audio Response System. Access 24/7. Option 1 in phone system. Get your balances, transfer funds, review history and more. Last 4 of your SSN will be your temp password during the initial set up.

Related Posts

July 19, 2021
Update Your Contact Information Stay In the Know. Update Your Contact Information Today!
June 30, 2021
Supply Drive Launch CU is collecting school supplies and monetary donations July 1-31 to help prepare local children and teachers for a great school year!
June 8, 2021
Meet the Manager Join Us For Our Special Meet the Manager Event
Visit any branch location to open your account. For questions call 321-455-9400 (inside Brevard) or 800-662-5257 (outside Brevard).
Back to top