As part of President Biden’s extension of the child tax credit, the IRS has set aside $15 billion to be distributed to about 36 million individuals.
The payments are made in the form of a paper check or direct deposit into a bank account, with the direct deposit being preferred by the vast majority of beneficiaries.
If you’re still waiting for the IRS to send you your money, here are a few reasons why the agency might be taking its time.
The IRS has been plagued by technical issues and delays in sending out checks in recent months, so there’s reason to anticipate October’s money may be delayed as well.
A million checks were delayed in September, while around four million checks were delayed in August.
If you’re wondering where your payment is, it’s possible that the IRS hasn’t yet processed and distributed it.
The status of your check may be found on the Processed Payments tab of the Child Tax Credit portal.
You can also visit the site to choose not to receive future advance payments.
It is too late to opt-out of October’s advance payment, but families have until 11:59 p.m. EST on November 1 to halt the payments for the following month.
Taxpayers who have relocated or changed their information are also more likely to encounter a delay in obtaining a child tax credit payment.
A technical glitch at the IRS resulted in approximately 2% of families missing a payment last month.
Many of those affected have recently changed their bank account or address information using the IRS Update Portal.
Furthermore, if only one parent in a married family changed their banking information or mailing address, the amount of the payment may have been lowered, according to CNET.
Those who are worried about a missing child tax credit should check the Child Tax Credit update portal to ensure that their information is valid.
If you received less money than expected this month, it could be due to a change in income.
Married couples filing jointly with income of up to $150,000 and single filers with income of up to $75,000 are eligible for the entire amount.
If you earn more, your monthly check is cut by $50 for every $1,000 you earn above the income limit.
As a result, if you make $80,000 as a single filer, you may only be eligible for up to $200 a month, depending on other eligibility factors.
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