Millions of eligible families received the second installment of enhanced child tax credits on Friday, but some payments may be delayed owing to a technical problem, according to the US Department of Treasury.
Child Tax Credit Monthly Advance Payment
In a recently published article in NNY360, the second child tax credit monthly advance payment was set on August 13. Because August 15 falls on a Sunday, this is the case. Recipients will receive a "pending" notification in their account before the money shows up, which is how direct deposit normally works.
As part of the pandemic assistance package, the child tax credit was increased. For families with small children, the IRS will pay half of the entire credit amount, up to $3,600 per kid, in six-month advance monthly installments. The remaining half will be claimed on the 2021 tax return.
When your kid reaches the age of eligibility for the benefit in 2021, the IRS is likely to make some changes on its own. A kid who turns 18 in 2021 will not be included in your advance monthly payments, according to the IRS. For a kid turning six this year, the IRS is likely to reduce the monthly payment to $250 from $300, according to a published article in CNET.
Some Families Did Not Receive the Child Tax Credit
Some others say they awoke on Friday to the same amount of money in their accounts as they did on July 15. Others, on the other hand, took to social media on Friday morning, shocked and perplexed as to why the Child Tax Credit had not shown in their bank accounts.
In a recently published article in WGNTV, troubled taxpayers use social media to vent their frustrations. Friday could not comprehend why they would have to wait longer than anticipated for their money. However, after visiting the IRS.gov website to verify their status, several taxpayers discovered that, despite receiving the advance child tax credit through direct deposit last month, their advance child tax credit would be mailed this time.
Meanwhile, according to a Treasury press release, the IRS disbursed nearly $15 billion for the child tax credit in August. The payments were delivered to roughly 36 million households this month, covering nearly 61 million children, up 1.6 million from the first tranche in July, according to authorities.
How to Track the Payment?
A news release from the federal agency stated, "For those receiving their payments by paper check, be sure to allow extra time for delivery by mail through the end of August."
The problem is anticipated to be fixed by September payments, which are scheduled to be distributed on September 15th, according to the department. Those who have not yet registered for direct deposit with the IRS will also get a paper check in the mail.
Additionally, via the IRS's online portal, qualified families may monitor their payment and learn how they will get the advance child tax credit. Those who have not yet received their payments but think they are entitled to them may seek a trace from the IRS.
The majority of families will not have to do anything to get the six monthly payments for the rest of the year. The payments are mainly based on tax returns filed in 2019 or 2020, with the other half being claimed on the 2021 tax return the following year.
Related Article : Child Tax Credit: Here's Why You Might Have Received the Wrong Amount
