Truity Credit Union

Current Promotions and News Ads
Main Content Area

Truity Credit Union Blog

Recent Posts

Truity Credit Union Blog > July 2021 > 2021 Child Tax Credit

2021 Child Tax Credit

  • 7/7/2021

Q: What do I need to know about the advance Child Tax Credits of 2021?

A: The advance Child Tax Credits of 2021 will be distributed monthly to eligible families, beginning on July 15. Heres what you need to know about these payments.

Q: What are the changes to the Child Tax Credits for 2021?

A: The Child Tax Credit (CTC) for 2021 will be greatly expanded:

  • Eligible families will get $3,000 per qualifying child between ages 6 and 17 at the end of 2021.
  • Eligible families will get $3,600 per qualifying child under age 6 at the end of 2021.
  • The credit is fully refundable.
  • Advance payments of up to 50% of the total CTC per family will be distributed once a month, from July 15 through Dec. 15, 2021.

Q: Who’s eligible for the Child Tax Credits?

A: Taxpayers who have a primary residence in the U.S. and live in it at least half of the year are eligible for the child tax credits. Payments will begin to be phased out for married taxpayers filing a joint return who earn more than $150,000 a year, for heads of household earning more than $112,500 a year and for all other taxpayers earning more than $75,000 a year. Income eligibility will be based on 2020s tax return.

Q: How much will I receive per month through the advance Child Tax Credits?

A: The advance payments being sent to qualifying families will be equal to up to 50% of each family’s total CTC. The payments will be based upon the income information found in taxpayers 2020 tax returns, or, if these are not yet filed, in the 2019 tax returns.

Families eligible for the full CTC will receive half of the total across a six-month time span. From July to December, eligible families will receive $300 a month per child under age 6, and $250 a month per child ages 6-17.

Q: Can I decline the advance payments of the 2021 Child Tax Credits?

A: Eligible taxpayers who do not want advance payments of the 2021 Child Tax Credit can choose not to receive them. This may apply to taxpayers who anticipate earning more in 2021 than in 2020, or who have primary custody of the child(ren) receiving the credit in 2020, but not in 2021. You can opt out of the advance payments by using the Child Tax Credit Update Portal.

Q: Can Truity tell me when my deposit will arrive?

A: We do not know exactly when your check will arrive. Please continue to check pending transactions or set up an alert in digital banking for the status of your payment.

Q: How do I check my pending transactions?

A: When you log in to the app, pending transactions will appear toward the bottom of the dashboard under Transactions (if you haven’t changed the default settings). If you log in from your desktop or laptop, these will appear in the Activity section on the lower left (if you haven’t changed the default settings).

To see the timeliest updates in digital banking, we encourage you to sign in each business day after 1:00 PM CT to check for your payment. If the transaction is not yet pending, check again after 6:00 PM CT.

If you have questions specific to these payments or regarding your personal tax situation, visit the IRS site or reach out to your tax consultant.

If you have other account-related questions or concerns, contact us to discuss options.

Related Blog Posts

5 Tips For Preparing a Post-College Budget

Leaving college means the start of a new job, student loan debt to pay off, and other new expenses to cover.

See Details

Routing Number: 303184652


How can we help you?

© 2021. Truity Credit Union is federally insured by the NCUA.