Advance Child Tax Credit Payments

You may be eligible for advance Child Tax Credit (CTC) payments. CTC payments are early payments from the IRS of 50% of the estimated amount of the Child Tax Credit that you may claim on your 2021 tax return.

We're here to help with tips and answers to frequently asked questions.

For additional information, please visit the IRS website.

What are advance Child Tax Credit Payments?

Advance Child Tax Credit payments are early payments from the IRS of 50% of the estimated amount of the Child Tax Credit that you may properly claim on your 2021 tax return during the 2022 tax filing season. If the IRS has processed your 2020 tax return or 2019 tax return, these monthly payments will be made starting in July and through December 2021, based on the information contained in your return.

Half the total credit amount will be paid in advance monthly payments and you may claim the remaining half when you file your 2021 income tax return.

How do I know if I am eligible?

You may check if you're eligible for advance payments of the Child Tax Credit on the IRS website.

What do I need to do to receive advance Child Tax Credit payments?

Generally, nothing. If you are eligible to receive advance Child Tax Credit payments based on your 2020 tax return or 2019 tax return (including information you entered into the Non-Filer tool for Economic Impact Payments on IRS.gov in 2020), you generally will receive those payments automatically without needing to take any additional action.

You must take action if you have not filed your 2020 tax return or 2019 tax return. The IRS has unveiled an online Non-Filer tool that will allow individuals who weren’t required to file (and have not filed) a tax return for 2020 to file a simplified tax return.

Can Liberty determine my payment status or amount?

We do not have information regarding your payment status or amount. For additional questions, you can check the status of your payment by going directly to the IRS website.

How do I know when my payment has been deposited into my Liberty Bank account?

You can set up an account alert in Online Banking to alert you when a deposit is made into your account. This way, you'll know when the payment has been credited to your account without having to take any action. Advance Child Tax Credit payments will post to your account with the description of "IRS Treas 310 CHILDCTC."

I did not receive a direct deposit. What do I do?

If you don't receive your CTC payment by direct deposit, watch your mail for a paper check issued by the Treasury. If you receive a paper check, the easiest and most convenient way to deposit it is through our mobile app. To manage your payments, visit the IRS website.

How do I update my bank account information with the IRS?

To verify or update your bank account information for CTC payments, please visit the IRS website.

What if I no longer have the bank account where my Child Tax Credit Payment is being sent?

If your payment is sent to a closed account, the payment will be returned to the IRS. You may consult the IRS website for further details.

If my account is overdrawn, will I still have access to my direct deposit payment?

Once the account is positive, you can access any funds that are available.

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Protecting Your Accounts

We urge you to be on the lookout for scams related to the Child Tax Credit. As a safety precaution, always go directly to the IRS Child Tax Credit Update Portal to update your information and don't click on links received by email or text.

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