The Child Tax Credit that had been expanded temporarily is set to send out its first stimulus checks from 15th July. It was signed off on in March, as part of President Biden’s Rescue Plan for America. Recently, the Internal Revenue Service updated its online tool for tax credit.
The CTC Stimulus Check Portal Is Now Open
In this portal, tax filers can update their details regarding banks and accounts. This way, the IRS can pay them the stimulus checks for the tax credit in the form of direct deposits. The name of the portal is the Child Tax Credit Update Portal.
On the IRS website, the agency stated that families will get the payment for 15th July through direct deposit in their bank accounts that is currently listed with the agency. Those who have not opted for direct deposits will be sent a stimulus check. The agency recommends those, who do not have their present bank details filed, to update that information using the tool. Direct deposits will always be faster.
As such, if you file taxes then it is strongly advised to use this portal to also make sure of the conditions for eligibility regarding the child tax credits. If you are eligible, then make sure to enter the information required for the stimulus check to be paid via direct deposit. If there have been any changes in the details, you can that as well. That way you can get the second CTC stimulus payment on 13th August in the newer account. However, one taxpayer can have only one account bound to their name.
The tool will also let you switch to direct deposit or electronic payment methods from paper checks. The tax agency prefers customers to go the electronic route. They say that direct deposit not only makes the process faster but also eliminates the expense, time, and worry associated with cashing in a check. Direct deposit will also eliminate the possibility of your stimulus check being undelivered, lost, or stolen.