Child Tax Credits Coming Soon
Starting July 15th, many families will be eligible to receive an advance on their child tax credit as part of the American Rescue Plan, which was signed into effect this past March. The new advance child tax credit gives parents part of the tax credit they will receive at the end of the year in monthly installments to be paid out on the 15th of the month between July 2021 and December 2021.
Funds could start being distributed by the IRS as soon as July 15th. A few things we want you to know:
- You may see the deposit pending in your account within Online & Mobile Banking. These funds will be available on the effective date of the payment, which is determined by the IRS.
- To see if you have a pending deposit; please log into your Online Banking account and view the account the deposit would be transferred to. Any pending deposits will be listed at the top.
- You can opt out of the monthly installments on the IRS update portal. If you opt out of these payments, there is NOT a way to opt back in.
- If you have questions regarding your eligibility to receive these payments or the opting out process, please contact the IRS or your financial advisor.
To learn more about the child tax credit, eligibility, and opt out information, visit https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021.
Please make sure to check back on our website for more information. We will be sharing any news we receive at mfcu.net/childtaxcredit and here on our Facebook.
You can also set up an eAlert within your Online Banking to notify you when your advance tax credit has been deposited. To set up an eAlert, please click Settings from the main menu and select eAlerts
Eligible families began to receive payments on July 15. The schedule of payments moving forward will be as follows:
- August 13
- September 15
- October 15
- November 15
- December 15
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