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Published: Jul 01, 2021 3 min read
Collage of a wife and husband with their young son standing on a 1040 Tax form
Money; Shutterstock

With roughly two weeks to go until the first monthly child tax credit payment hits Americans' bank accounts, the IRS has updated an online tool that allows parents to change where their money gets sent.

The agency announced Wednesday that it upgraded the child tax credit update portal on IRS.gov, an application created after the American Rescue Plan became law in March. Depending on their income level and child's age, families can receive monthly payments of up to $300 per kid in 2021 starting July 15.

The IRS is sending the first round of payments via direct deposit to the bank account it already has on file for eligible families. Like with the stimulus checks, this is the fastest way to get your money — if the IRS doesn't know your direct deposit information, it'll default to sending a paper check in the mail, which takes longer.