If you are one of the 60 million Americans who are waiting for Child Tax Credit payments from the Internal Revenue Service (IRS), you may already know that the second checks should arrive in your bank account from a day to day.
But if you’re not sure, here’s a quick primer on credits, deadlines, and how to track your payments. Read on!
Remind me, what are these credits again?
They are given to eligible parents to help with dependent children’s expenses, such as child care and back-to-school materials. This year’s program was extended by the American Rescue Plan in the wake of the COVID-19 pandemic, and parents could claim up to $ 3,600 per child, half of which distributed as July biannual checks. to December.
Understood. So when do I get my payments?
The first check should have arrived in July already. Payments are made on the 15th of each month, but in August it falls on a Sunday, so the IRS will send the payment instead on Friday August 13th.
Okay, but what if I haven’t received my first check yet?
If you applied for the credit but did not receive the first check, there could be several reasons.
- The IRS may not have your updated address or bank account information. If so, fill out another IRS form or use the website to correct it. Or if your address is current and you’re expecting a paper check in the mail, you can blame the postal service delays.
- You filed an amended tax return, which got stuck in the IRS’s vast backlog. Unfortunately, there isn’t much you can do here.
- You are part of a family where one parent is a U.S. citizen and the other is an immigrant with an ITIN number. According to the IRS, he erred in not sending checks to these families, and payments are expected to start this month.
- You have chosen to forgo the monthly payments in order to claim a larger tax refund next spring.
How do I track my second check?
According to the IRS, you can visit the Child Tax Credit Update Portal, which should show pending payments (this involves registering an IRS username or ID account. me, which requires photo ID).
Or if you see that your payment has been sent but you haven’t received it and at least five days have passed since ordering direct deposit or four weeks since sending the paper check, you can request a IRS payment trace. This involves printing, filling out, and mailing Form 3911, and the IRS response can take up to 60 days.
It’s too much. Is it too late to forgo monthly payments?
No! You can always unsubscribe for the months of September and beyond (although it’s too late for August). The next deadline is August 30, with later deadlines in October and November. To do this, use the Child Tax Credit Update Portal. As a bonus, for households experiencing substantial income increases that could make you ineligible for credit, this saves you from having to repay any overpayments next spring.