The IRS today begins distributing Advance Child Tax Credit payments authorized by the American Rescue Plan.
Payments: Families will receive today’s payment by direct deposit in the bank account currently on file with the IRS. Those not enrolled for direct deposit will receive a check.
Resources: The IRS’s Eligibility Assistant helps families determine eligibility for the payments, and its Update Portal enables recipients to update their bank account information to receive the monthly payment.
More: Additional information is available on ICBA’s frequently asked questions on the payments and via the IRS website.