A Message from Capitol Federal®

A Message from Capitol Federal®

ADVANCE CHILD TAX CREDIT

Important changes to the Child Tax Credit will help many families get 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 qualify for advance Child Tax Credit payments, you — and your spouse, if you filed a joint return — must have:

• 
Filed a 2019 or 2020 tax return and claimed the Child Tax Credit on the return; or   Given the IRS your information in 2020 to receive the Economic Impact Payment using the Non-Filers: Enter Payment Info Here tool; and
• A main home in the United States for more than half the year (the 50 states and the District of Columbia) or file a joint return with a spouse who has a main home in the United States for more than half the year; and
• A qualifying child who is under age 18 at the end of 2021 and who has a valid Social Security number; and 
• Made less than certain income limits. The IRS will use information you provided earlier to determine if you qualify and automatically enroll you for advance payments. You do not need to take any additional action to get advance payments.

To make sure families have easy access to their money, the IRS will issue these payments by direct deposit, as long as correct banking information has previously been provided to the IRS. Otherwise, people should watch their mail starting on or after July 15 for their mailed payment. The dates for the Advance Child Tax Credit payments are July 15, August 13, September 15, October 15, November 15 and December 15.

To help people understand and receive this benefit, the IRS has created a special Advance Child Tax Credit 2021 webpage to provide the most up-to-date information about the credit and the advance payments. For more information, visit IRS.gov/childtaxcredit2021, or read FAQs on the 2021 Child Tax Credit and Advance Child Tax Credit Payments.

Any updates made by Aug. 2 will apply to the Aug. 13 payment and all subsequent monthly payments for the rest of 2021.



 

ECONOMIC IMPACT PAYMENTS 

Many Americans will soon receive the Economic Impact Payment from the recently passed American Rescue Plan. Payments made by direct deposit are expected to arrive soon. These payments will be directly deposited into the bank account you used to receive your tax refund. If you have filed taxes and received an ACH direct deposit, you do not need to take any action. 
 
Visit the IRS website for more info here: https://www.irs.gov/coronavirus/economic-impact-payments
 
If you don’t usually file taxes, the IRS established a web form for you to update your bank information to ensure you receive the funds by ACH direct deposit. Here is the form: https://www.freefilefillableforms.com/#/fd/EconomicImpactPayment 
 
Before completing the form, remember these tips: 
 
• You will need to provide bank account and other confidential information.
• To find this information, you can view mailed monthly statements, your issued bank checks, or your eStatement within True Blue Online® banking (check the documents tab). 
• Capitol Federal’s routing number is 301171285. 
• For your security, we WILL NOT disclose account numbers over the phone. 
• When setting up an ACH direct deposit, you must correctly enter the account type. Please verify the account type is a Checking account (including Money Market) or Savings account before completing the form. 
 
For more information about Economic Impact Payments, visit irs.gov/coronavirus.