While authorities are continuing the distribution of the child tax credit, some families are seeing a delay to their August payments, and parents who are worried about their September funds might have to do something in order to receive their money.
A new feature was launched by the Internal Revenue Service (IRS) that would allow any family who is eligible to receive money from the monthly child tax credit to easily and quickly update their mailing address. The process is done through the agency's Child Tax Credit Update Portal.
Child Tax Credit Payment Distribution
Families who wish to receive the September 15 payments must change their mailing address and do so before August 30 at midnight, which is the deadline. This month, 36 million families were eligible to receive the payments. Families that wish to check the status of their payments can do so here.
The payments will be coming on the 15th of every month until the end of the year. Afterward, the remaining money from the program will be distributed after the filing of tax returns. Under the child tax credit, parents will receive $3,600 per child under six years old and $3,000 for every child six years old and above, Fox8 reported.
But parents who do not wish to get monthly payments and are willing to wait for the full payment can indicate so here, or sign up here. In doing so, families will be able to receive their full tax returns on a separate schedule.
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There may still be families who have not signed up for the payments despite being eligible, the majority of which are those who have not filed a tax return. These residents can do so as there is still time to enroll and start receiving the monthly payments.
Families who have not yet signed up will also be able to receive a higher payout due to the payments being an advance of a 2021 tax credit. The IRS also said that it would try to deliver the entire first half of the money to families this year, even if they were late to sign up, CNBC reported.
Problems with the Payments
Some families have also reported that they have received the wrong amount while others have yet to receive any sort of payment. The IRS also said that while some families received their July money through direct deposit, they should expect to get their next payment by USPS. This means that the money could be delayed for up to four weeks.
Another issue that families could face regarding their money is that eligible households could have outdated banking information or income details. These could potentially hinder the IRS in distributing the money on time or at all.
The IRS said that some families could also lose out on payments if they are deemed ineligible. There have been several households last month who have an immigrant spouse reported not getting their payment due to a glitch in the agency's system. "Mixed-status" families can expect to receive their payment this August, CNET reported.
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