ABOUT THE IRS CHILD TAX CREDIT PAYMENTS
Effective July 15, 2021, the IRS initiates a program to help many families get advance payments of their Child Tax Credits. Payments starting on that date will pay half the total credit amount due in 2021. Please note, some of the deposits will be made by direct deposit, while others will be made by check.
Distribution of the payments will be determined by the way the taxpayer noted in his/her most recent tax returns; that is, some taxpayers may have chosen direct deposit of their refund, while others may have chosen a check.
In order to avoid long hold times regarding the payments, members are encouraged to check their online banking account (available 24/7) as well as set up alerts on their accounts for ACH deposits.
Who Qualifies for Child Tax Credit Payments:
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 us 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 uses information you provided in your tax returns to determine if you qualify and will automatically enroll you for advance payments. You do not need to take any additional action to get advance payments.
For information on the IRS Child Tax Credit Payment, please visit the IRS website.
What is the Stimulus Program
The CARES act includes a Covid-19 relief program where the government will provide stimulus payments to eligible recipients. It’s also known as the coronavirus tax relief program.
Who qualifies for the stimulus program.
The government determines who qualifies for the stimulus payment. Denali does not know the status of members qualifying for the program. Please visit https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments for
more information. You can also check the status of stimulus payments at https://www.irs.gov/coronavirus/get-my-payment
MOBILE DEPOSIT IS AVAILABLE
For check deposits we encourage Members to use the Credit Union’s Mobile Deposit feature available in the Denali app. Using Mobile Deposit is safe and secure, best of all it saves you a visit to the branch and is a good social distancing tool. Remember to only visit a branch if you have essential business that cannot be conducted electronically.
Economic Impact Payments will be posted to Members accounts per the deposit instructions received from the IRS.
ABOUT THE ECONOMIC IMPACT PAYMENTS (EIP) CARDS
Alongside checks and direct deposit, some members have received Economic Impact Payment (EIP) VISA cards with their funds.
According to the IRS site, these funds can be accessed by ATM, POS and Cash Advances.
Note: The Cash Advance feature is listed on the fee schedule at $5 per transaction, which can be less depending on usage.
Please take a few minutes to review the IRS link and the link to the issuing bank below.