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The most notable changes to the Child Tax Credit include:
- The credit increased from $2,000 to $3,000 - $3,600 depending on age.
- Half of the credit amount will be paid in advance monthly payments.
- Payments begin July 15, 2021, and end December 15, 2021.
You can also opt-out of receiving the advance payments through the CTC Update portal here. It is important to note:
- Both parents must opt out.
- The opt-out cannot be reversed.
Please keep in mind that as we receive the electronic files from the IRS, we will apply all payments as quickly as possible. Use our Online Banking or Mobile App to verify your deposit and check your account balance. Thank you for your patience and your cooperation.
Notable Changes to the Child Tax Credit Under the American Rescue Plan Act - Lauterbach, Borschow & Co.
Advance Child Tax Credit Payments in 2021 - Internal Revenue Service