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July 16, 2021
Advance Child Tax Payments in Tax Year 2021: What You Need to Know
Important changes to the Child Tax Credit will help many families get advance payments of the credit starting soon. The IRS will pay half the total credit amount in advance monthly payments beginning July 15. Then, eligible taxpayers can claim the other half when you file your 2021 income tax return.* Take note that these changes apply to tax year 2021 only.
Do you qualify for advance payments?
According to the IRS, to qualify for advance Child Tax Credit payments, you — and your spouse, if you filed a joint return — must have:
- Filed a 2019 or 2020 tax return and claimed the Child Tax Credit on the return; or
- Given the IRS your information in 2020 to receive the Economic Impact Payment using the “Non-Filers: Enter Payment Info Here tool”; and
- A main home in the United States for more than half the year (the 50 states and the District of Columbia) or file a joint return with a spouse who has a main home in the United States for more than half the year; and
- A qualifying child who is under age 18 at the end of 2021 and who has a valid Social Security number; and
- Made less than certain income limits.
When do monthly payments start?
Advance Child Tax Credit payments will be disbursed in monthly installments starting July 15, 2021, through December 2021. You can find details about the advance payment schedule here.
How can I unenroll if I don’t want the advance payments?
The IRS has a Manage Payments tool, which you can use to:
- Check if you’re enrolled to receive payments
- Unenroll to stop getting advance payments
- Provide or update your bank account information for monthly payments starting with the August payment
The IRS has advised: “To stop advance payments, you must unenroll at least three days before the first Thursday of the next month by 11:59 pm Eastern Time. You do not need to unenroll each subsequent month.” The following table is from the IRS:
Payment Month Unenrollment Deadline Payment Date July 6/28/2021 7/15/2021 August 8/2/2021 8/13/2021 September 8/30/2021 9/15/2021 October 10/4/2021 10/15/2021 November 11/1/2021 11/15/2021 December 11/29/2021 12/15/2021
Where can I find out more?
To manage payments, check if you’re eligible, submit information as a non-filer or read additional details, please visit IRS Advance Child Tax Credit Payments, which contains the information you’ll need to determine what’s right for you.
*For information about your tax situation or specific advice, please consult a qualified tax professional.
How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
When it comes to making payments, we try to make it as painless as possible to pay your loan every month. We have several different ways to pay, including convenient online options.
You have two ways to pay online by transferring funds from another bank or credit union.
- Grow Online Banking (Preferred payment method for any loan)
This is the simplest way to pay your loan. You can make one-time payments or set up automatic recurring payments in Grow Online Banking. Once you log in, select “Transfer/Payments” from the menu. If you’re not enrolled in Grow Online Banking yet, you can set up your account in just a few minutes.
- Debit Card or ACH (Available for auto, personal loans and HELOCs)
Note: ACH and debit card payments are not available for credit cards or most mortgages, except HELOCs.
We accept ACH payments with no additional fees or Mastercard® and Visa® debit cards with a convenience fee of $4.95. To get started with an online ACH or debit card payment, select Pay Now below.
Pay by Mail
You can also pay any Grow loan by check through the mail. Please remember to include your account number and Grow loan number on the check. (For credit card payments, please do not write your 16-digit credit card number on the check, which can cause a delay in processing the payment.)
Address for auto, credit card, personal loan and HELOC payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466
Address for personal first or second mortgages and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733
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