The IRS has urged families to switch to receiving the CTC stimulus checks as direct deposits. These stimulus payments are almost here, with just a bit over a week left. An estimated 40Mn families will be receiving this stimulus cash issued by the federal government.
Getting The Stimulus Checks Directly To Your Account Is Better
A part of the $1.9Tn plan America Rescue Plan approved by President Biden, parents can now collect up to $3600 annually for each kid below 6. The amount falls to $3000 for kids between 6 and 17. The monthly stimulus check breakdown results in $300 and $250 respectively per kid until this year’s end.
But the IRS is making an effort to get the CTC stimulus checks to your account as fast and efficiently as possible. So three tools have been launched that will let parents get the money deposited without any hassle.
The most important of them is the Child Tax Credit Update Portal. You can find it at IRS.gov. For those who are looking to receive the stimulus checks as direct deposits, and not paper checks, this is the portal for them. However, if you change it by 2nd August, the changes will take place from the 13th August and later CTC payments. If the money is directly deposited into your account, you can access it much faster.
The second tool is the Eligibility Assistant for the CTC. Here, parents can answer several questions about themselves and the members of their family. It will then tell them if they are qualified for the CTC.
The final tool is for those who are usually non-filers. For them, the Sign-Up tool for Non-filers is the place to go. The tax agency needs the information on your filing to issue the CTC stimulus checks if you qualify for them.
