PLEASE NOTE: CALL CENTER AGENTS WILL NOT HAVE ANY INFORMATION ON YOUR ADVANCE CHILD TAX CREDIT PAYMENTS. IF YOUR PAYMENT IS SHOWING PROCESSED BY THE IRS, AND YOU HAVE NOT RECEIVED IT IN YOUR SMART ACCOUNT, PLEASE ALLOW TIME FOR PROCESSING. WE WILL PROCESS ALL PAYMENTS AS SOON AS POSSIBLE ONCE THEY ARE RECEIVED FROM THE IRS.
As part of the 2021 American Rescue Plan Act, eligible families will begin receiving monthly payments from the IRS starting on July 15. Eligible taxpayers will receive a once monthly advance tax payment of $300 for each child under the age of 6, and $250 for each child between the ages of 6 and 17. Taxpayers are automatically opted in to these payments as an advance on their 2021 Tax Refund (what you will file in 2022). The payments will be made every month from July through December and represent half of the Child Tax Credit for the 2021 tax year. IRS payments will be sent via direct deposit, paper check, or debit card around the 15th of each month starting in July.
IMPORTANT TO KNOW:
The IRS website is the best source of information to learn everything you need to know about these tax credit payments, eligibility, how to opt out, and how to update payment information with the IRS. Please visit the IRS Advance Child Tax Credit webpage for all of this information and more.
GET A PHONE OR EMAIL ALERT WHEN YOUR TAX CREDIT IS DEPOSITED!
Set up Notifications in Online Banking by navigating to Settings (under profile picture in top right corner) and click on the Notifications tab. Automatic Deposit or Transaction Alerts can both be set up to alert you when a deposit is made to your accounts. Note: Notifications cannot be set up in our mobile app. Log in to Online Banking on a browser on your phone or PC.
If the IRS already has your account information from a tax payment, refund or previous stimulus payments, you may be receiving your payment by Direct Deposit to the account on file.
If the IRS does not have account information for you, or if the account information was inaccurate, your payments may be sent by check. You may deposit your check using Mobile Deposit in the Smart Financial app, or visit a branch or ATM to make your deposit.
Log into Online Banking to watch for your deposit. Text Balance is another quick way to check your balance on the go from your smart phone. Register for Online Banking here.
