The IRS is sending out tens of millions of dollars in Child Tax Credit payments to families across the United States in the coming days, making it the third such payment that has been sent by the IRS.
The IRS stipulates that the money is paid out on September 15, and these payments will continue every month until the end of the year, at which point eligible taxpayers will receive the remaining amount in one lump sum in 2022.
Over 30 million households in the United States have qualified for payments of up to $300 per month for children who are eligible aged five and under, as well as $250 per kid between the ages of six and 17.
Taking into account the last half of the Child Tax Credit payment, which will arrive in 2022, those eligible households will receive a total of up to 3,600 per child aged five and below, with the maximum amount for children between six and 17 being 3,000 dollars.
To receive the full amount, the US taxpayer must have had a modified adjusted gross income of 75,000 dollars or less for single individuals, 112,500 dollars or less for head of households, or 150,000 dollars or less for married couples filing jointly.
If you did not get the payment, but you are eligible and discover that the Child Tax Credit has already been paid out, double-check to see if your address and bank account information are correct with the IRS.
.
If you're eligible and there's no sign of the payment, you can come into the Southwest Tax Solutions, so we can track where your payment(s) are and possibly get you more.
If you choose to go it alone, request the IRS provide you an update if you miss any of these deadlines:
If you have not missed any of those deadlines, the IRS will not be able to track your payment. This is why we urge you to come into our locations so we can get in touch with an IRS agent and manually locate it ourselves.
In many cases, eligible households that have not yet received a check will find that their Child Tax Credit status has been updated on the portal to indicate "pending." If this is the case, it implies that the IRS is vetting your information and you will not receive the payment until the agency determines whether or not you meet the qualifications.
However, the vast majority of families do not need to do anything to receive the money since they have already submitted their 2019 or 2020 taxes and claimed the Child Tax Credit. Alternatively, you may have used the IRS' non-filers tool to submit your information.
You can also use the aforementioned Child Tax Credit Update Portal to modify your address, update your bank account information, and view payment history, among other things.