The Internal Revenue Service has launched a new tool that allows families to update their bank account information ahead of the first child tax credit payment set for July 15. Families will receive their July 15 payments by direct deposit on the bank account currently on file with the IRS. Those who are not enrolled for direct deposit will receive a check. Then, people can use the Child Tax Credit Update Portal to update their direct deposit information. Any updates made by Aug. 2 will apply to the Aug. 13 payment and all subsequent monthly payments for the rest of 2021, the IRS said. The expanded child tax credit provides up to $3,600 for each child under age 6 and $3,000 for children ages 6-17. The credit will be paid in the form of monthly payments of $300 or $250, based on the child’s age, that will be paid monthly through December. The remainder can be claimed when filing 2021 taxes. Couples with an adjusted gross income of $150,000 or less; heads of household filers who make $112,500 or less; or single parents who earn $75,000 or less will qualify for the full amounts. Above those income levels, the extra amount above the existing $2,000 credit – either $1,000 or $1,600 per child – is reduced by $50 for every extra $1,000 modified AGI. First, go to the Child Tax Credit Update Portal to confirm your eligibility for the payments. If you are eligible, the tool will indicate whether you are also eligible to receive their payment by direct deposit. If so, it will list the full bank routing number and the last four digits of your account number. Next, if you choose, you can change the bank account receiving the payment starting with the Aug 13 payment. You can do that by updating the routing number and account number and indicating whether it is a savings or checking account. Note that only one account number is permitted for each recipient—that is, the entire payment must be directly deposited in only one account. If you want to switch from receiving a paper check to direct deposit, you will have to use the tool to provide bank account information. You can do that by entering your bank routing number and account number and indicating whether it is a savings or checking account. To access the Child Tax Credit Update Portal, a person must first verify their identity. If a person has an existing IRS username or an ID.me account with a verified identity, they can use those accounts to sign in. People without an existing account will be asked to verify their identity with a form of photo identification using ID.me. All data is taken from the source: http://al.com Article Link: https://www.al.com/news/2021/07/stimulus-latest-update-new-irs-tool-lets-you-input-banking-info-first-payments-july-15.html #account #newsbbc #newstodaybbc #newsworldbbc #usnewsworldreport#newstodaylocal #