Helpful Advance Child Tax Credit Information for PWSB Customers
The following information is cited from the IRS website. Further information and detail can be found by visiting https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021
What are the advance child tax credit payments?
Important changes to the Child Tax Credit will help many families gain access to advance payments of the credit starting this summer. The IRS will pay half the total credit amount in advance monthly payments beginning July 15. You will claim the other half when you file your 2021 income tax return. These changes apply to tax year 2021 only.
To see if you qualify, visit the IRS link provided above.
How will I receive these payments?
If the IRS has received your banking information, your payment will be sent to you as a direct deposit. Payments are being mailed if this is not the case. If you've switched banks and want to provide the IRS your new PWSB account information, click here to visit the Child Tax Credit Update Portal.
WHAT do i need to do to get advance payments?
Generally, nothing. You must only take action if you have not filed your 2020 tax return or 2019 tax return and use the online Non-Filer tool on the IRS website. Visit the link above for more information.
PWSB and the IRS urge everyone to be on the lookout for scam artists trying to use advance Child Tax Credit payments as a cover for schemes to steal personal information and money. The IRS doesn't initiate contact by email, text messages, or social media channels to request personal or financial information – even information related to advance Child Tax Credit payments. Also, watch out for emails with attachments or links claiming to have special information about advance Child Tax Credit payments or refunds of the Child Tax Credit.
If you receive a suspicious IRS-related email, click here for some helpful FAQs on the IRS website.