Child Tax Credit Payments
In March a new Child Tax Credit was established when President Biden signed the American Rescue Plan. Prosperity Bank understands the importance of the Child Tax Credit payments to our customers which is why we are committed to making the funds available as soon as possible.
The first payments are scheduled to begin on July 15, 2021. If you have completed your 2020 Tax Return using your current Prosperity Bank account number, the Internal Revenue Service (IRS) will have that information on file and your deposit will be automatically posted to your account.
If your account number has changed, your payment will be returned to the IRS unless you have previously given us instructions to credit a new account with Prosperity Bank.
How to update your bank account number with the IRS:
1. You can update your account number by visiting the Tax Credit page on the IRS website page: Child Tax Credit Update Portal
2. Click on the Manage Advance Payments button located at the bottom of the page.
3. You will be prompted to sign in using your existing IRS username/credentials that were previously set up when using an IRS.gov application.
4. New users will create an account with ID.me. ID.me is a trusted technology partner in helping to keep personal information safe.
For additional information about the Child Tax Credit, visit the IRS website page: 2021 Child Tax Credit and Advance Child Tax Credit Payments — Topic A: General Information
Your eligibility is determined by the government and you can learn more from the IRS website. Your deposit will be made in accordance with how you filed your previous taxes. If you do not have a bank account on file with the IRS, you will receive a check by mail.