- Personal Loans
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February 9, 2022
Ready for Tax Season 2021? A Few Updates to Know Before You File
The Internal Revenue Service has begun accepting tax returns as of Monday, January 24, so tax season 2021 is officially upon us. Still, we know that it’s not anyone’s favorite time of year. (Well, okay, maybe Uncle Sam doesn’t hate it.) But in the interest of making tax time a little easier, we want to give you a quick rundown of a few important changes for tax year 2021. These aren’t all of the changes, so be sure to check with your tax professional for specific advice. For more about tax year 2021, visit IRS.gov.
Advance Child Tax Credit
You may know that there were some changes to the Child Tax Credit that impacted many taxpayers, in the form of Advance Child Tax Credit payments. If you received those payments, you’ll have a bit of extra reconciling to do when you file this year, and everyone who received payments must file a return. According to the IRS, “If you received advance payments of the Child Tax Credit (CTC), you need to reconcile the total you received with the amount you’re eligible to claim. To help taxpayers reconcile and receive 2021 CTC, the IRS is sending Letter 6419, Advance Child Tax Credit Reconciliation, from late December 2021 through January 2022. Taxpayers should keep this, and any other IRS letters about advance CTC payments, with their tax records.” Did you get a Letter 6419 in the mail? You’ll need that information when you file. Learn more about reconciling the Advance Child Tax Credit.
Recovery Rebate Credit
If you didn’t qualify for the third economic impact payment or didn’t receive the full amount, you could potentially be eligible for the Recovery Rebate Credit based on your 2021 tax information. To claim the credit, you’ll need to file a 2021 tax return, even if you don’t usually file. Find out if you’re eligible for the Recovery Rebate Credit.
Saver’s Tax Credit
We’ve always said that it pays to save! Also known as the Retirement Savings Contributions Credit, the Saver’s Tax Credit applies to eligible contributions to an IRA or employer-sponsored retirement plan. The amount of the credit varies depending on your adjusted gross income (AGI), but you may qualify for a credit up to $1,000 ($2,000 if married filing jointly). Learn more about the Saver’s Tax Credit.
Tax season 2021 standard deduction
What is a deduction? It’s an expense that can be subtracted from your taxable income to reduce the amount you owe. Each year, the IRS tends to raise the standard deduction amount to align better with inflation, and this year is no exception. The new standard deduction set by the IRS for 2021 is:
- $12,550 for single filers
- $12,550 for married couples filing separately
- $18,800 for heads of households
- $25,100 for married couples filing jointly1
IRS Free File
Did you know that many people can qualify for free federal tax filing through the IRS Free File program? This year, the adjusted gross income (AGI) threshold to use IRS Free File has been raised to $73,000. Is that you? Consider your free filing options at IRS Free File.
1 Internal Revenue Service. Revenue Procedure 2020-45, page 13. Accessed January 28, 2022.
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