Stimulus update: When will next child tax credit payment arrive? IRS launches new tool
The Internal Revenue Service has launched a new feature that will make it easier for families receiving monthly child tax credit payments to update their mailing addresses.
The Child Tax Credit Update Portal allows families that choose to receive their payments via paper checks to avoid mailing delays or having the check returned as undeliverable.
Using the tool, the families can have their September check and all future checks sent to their new address.
Direct deposit on the next child tax credit payment is set for Sept. 15. Paper checks are generally sent at that same time.
Recommended Read: Stimulus Check Update: Here’s How You Can Get ‘Surprise’ Payment Up to $16,000
To have address changes take effect this month, people need to complete the request before midnight eastern time (11 p.m. CT) on Monday, Aug. 30.
Families can still make changes after that date, but their request will not be effective until the next scheduled monthly payment, set for the 15th of the month in October, November, and December.
The same portal also allows people to switch from receiving a paper check to direct deposit; change the account where their direct deposit is sent, and stop monthly payments for the remainder of 2021.
The monthly payments are part of an expansion of the child tax credit that allows for up to $3,600 for children 5 and younger and $3,000 for those 6-17, payable in monthly installments.
Families started receiving monthly payments of up to $300 starting in July and running through December. The remaining half can be claimed in the form of a tax credit in 2021.
It’s estimated the payments will reach roughly 39 million households with 50 million children.
