IRS warns that some families will receive less money from the child tax credit in the final months of 2021

The IRS has warned that some families in the U.S. will receive less money from child tax credit payments in the final months of 2021. Thi...

Compartir
Suscríbete
Suscribe our Newsletter
Recibe por email las noticias más destacadas
  • The IRS has warned that some families in the U.S. will receive less money from child tax credit payments in the final months of 2021.
  • This is due to a technical problem with the September payment.
  • The IRS will send letters with this information to affected people.

The United States Internal Revenue Service (IRS) has warned that some families in the US will receive less money from child tax credit payments in the final months of 2021 due to a technical problem with the September payment.

After submitting the September payment, the IRS resolved a technical problem, which the agency estimates caused fewer than 2 percent of recipients of the Child Tax Credit – the equivalent of 700,000 people – not to receive their September payment on the scheduled date, The Sun reported.

Some families will receive fewer child tax credits in the coming months

less money check
Photo: Shutterstock

Since then, the payments have been sent to the affected people. The affected group primarily included taxpayers who recently updated their bank account or address information through the IRS Child Tax Credit Update Portal.

“In particular, the issue affected payments to married taxpayers who filed joint returns when only one of the spouses made a change of bank account or address, which usually results in the payments being divided in two,” he said the IRS added that “in some of these cases, the split payment caused a delay in payments, and also resulted in people receiving slightly more than the correct payment in September.”

How much money will the affected families receive?

less money in 2021
Photo: Shutterstock

The tax agency indicated that to solve the technical problem of September the payment that each spouse will receive in the remaining months of 202 will be reduced slightly to adjust the overpayment.

“For every taxpayer who receives a payment, the common overpayment was $ 31.25 for each child ages 6 to 17 and $ 37.50 for each child under the age of 6. This will result in a reduction of $ 10 to $ 13 per child in the remaining three monthly payments, ”the IRS said.

The IRS will send letters to those affected

IRS sent checks for less money in October by mistake!
PHOTO Shutterstock

The IRS indicated that it will send letters with this information to affected individuals and added in its statement that it “continues to closely monitor this program and the agency appreciates the patience of those whose payments were affected.”

In addition, the agency encouraged the sharing of accurate information and using available online tools and toolkits to help non-filers, low-income families, and other homeless groups enroll for these benefits.

Who qualifies for this help?

Time is running out to claim Child Tax Credit checks
Photo: Shutterstock

According to the IRS, couples earning less than $ 150,000 annually or single parents earning less than $ 112,500 annually qualify for maximum aid. Parents with dependent youth over the age of 17 also qualify for $ 500.

If you are still not sure whether or not you qualify to receive these checks, the IRS recommends using the Eligibility Assistant for advance payments of the Child Tax Credit. They will ask you for some personal information in order to confirm if you are eligible or not. Filed As: Some families will receive less money on their child tax credit check.

When does the next check arrive?

Next week the new checks for $ 1,800 will begin to fall
Photo: Shutterstock

Under the American Rescue Plan, this year eligible families will receive a total of up to $ 1,800 for each child under the age of 6, and up to $ 1,500 for each child between the ages of 6 and 17. That is, the monthly advance payments that will arrive between July and December will be up to $ 300 for children under 6 years old and up to $ 250 for children between 6 and 17 years old.

The Internal rents service (IRS) has already sent the first four payments, but there are still two more to be delivered. All eligible families who have enrolled or not unsubscribed from the program will receive their next check the next November 15. Filed As: Some families will receive less money on their child tax credit check.

How does the Child Tax Credit work?

Tax credit would give help for the undocumented
PHOTO Shutterstock

According to legislation passed in March, families will receive up to $ 3,600 for each child under 6 years of age and up to $ 3,000 for each child between 6 and 17 years old. The first half of that money will come through the six monthly advance payments from July to December.

Parents will have to claim the $ 1,800 remaining next year when you file your 2021 tax return. To determine your eligibility, the IRS is using the information you provided on your 2020 or 2019 taxes. Filed As: Some families will receive less money on their child tax credit check.

Direct deposit or physical check?

Why Some Parents Will Get Tax Credits Worth $ 600 Per Child This Month
Photo: Shutterstock

Child Tax Credit payments go to qualified families through direct deposits, which you can verify in your bank account right on the payment date established by the IRS, or through a physical check, which would arrive days later via postal mail.

In the latter case, the IRS asks beneficiaries for a little patience because payments could take a little longer to arrive. “For those who receive payments by check, be sure to allow additional time, until the end of September, for delivery by mail,” the agency said in its latest statement about payments issued on September 15. Filed As: Some families will receive less money on their child tax credit check.

Refuse help or make modifications safely

stimulus check
Photo: Shutterstock

Some families prefer to decline assistance or change their payment method from physical check to direct deposit. For the payment of the month of October it is already late, but if you plan to make a modification later, you can follow the following calendar: until November 1 for the payment of November 15 and until November 29 for the payment of the 15 from December.

To safely make these changes, the IRS recommends visiting the Child Tax Credit Prepayments in 2021 where people can get more details that allow them to seamlessly make changes to the Child Tax Credit Update Portal“. Filed As: Some families will receive less money on their child tax credit check.

The post IRS warns that some families will receive less money from the child tax credit in the final months of 2021 appeared first on Hispanic World.