IRS sent checks for less money in October by mistake!

The IRS sent Child Tax Credit checks for Less Money in October by mistake! The fourth payment began to be sent to beneficiaries on Octobe...

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  • The IRS sent Child Tax Credit checks for Less Money in October by mistake!
  • The fourth payment began to be sent to beneficiaries on October 15, but some said they received less money.
  • The agency is correcting the problem by ‘subtracting’ the surplus from the previous check in the October payment.

The Internal Revenue Service (IRS) sent Child Tax Credit checks for less money in October, by mistake! That is what some families have reported as they received payments that were lower than they expected.

According to the IRS schedule, the fourth payment of the Child Tax Credit of up to $ 300 for each child under the age of 6 or up to $ 250 for each child between the ages of 6 and 17 began to be sent to beneficiaries on October 15. However, some families have reported that they received underpayments.

IRS sent checks for less money in October for a mistake!

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

The IRS distributed $ 15 billion in Child Tax Credit payments to some 36 million beneficiaries this October. Those who receive the money through direct deposit were able to confirm almost immediately the amount reflected in their bank account. October 15th.

The problem arose when several beneficiaries realized that they did not receive the amount they expected. This occurred due to system failures and other problems reported by the IRS in the issuance and distribution of payments, which in turn have generated delays and omissions.

Why checks with less money?

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

The errors of the tax collection agency have created a number of problems: Some families say they have received different amounts than they expected in their October Child Tax Credit payments, others have not even received the check.

The IRS has explained that the variations in the amount of the checks is due to the fact that some families had received more money than they were due on their September check, so now they are correcting the problem by ‘subtracting’ the surplus from the previous check in the October payment.

Correcting mistakes

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

According to the IRS, the error that created a surplus on the September check occurred due to a combination of a technical failure and homes in which both parents are registered. The agency explained that the additional amount on the September check was on average $ 31.25 dollars in payments for children between 6 and 17 years old and on average $ 37.50 in payments for children under 6 years of age.

The IRS is likely to deduct these families the extra amount on their October, November, and December checks, at the rate of about 10 to 13 dollars less in each of these payments. If, on the other hand, you have not received the payment of the Child Tax Credit, we invite you to review 3 reasons why your check has not yet arrived.

Reason 1: IRS Problems

3 reasons why your check hasn't arrived yet
Photo: Shutterstock

The first reason is IRS glitches that have caused delays in sending checks in recent months. In August they were late with about four million payments and in September with a million more payments, so there is reason to think that the same thing happened in October.

Your payment may not have arrived due to IRS issues when it was processed and shipped. However, you can check your status through the portal Child Tax Credit Prepayments in 2021. Any beneficiary can make use of it and has up to November 1 at 11:59 p.m. EST to suspend the following payments or make any changes to your personal data.

Reason 2: Change in direction

Time is running out to claim Child Tax Credit checks
PHOTO Shutterstock

Another reason that has generated delays in payments is the changes recently made by some taxpayers in the IRS Update Portal. Beneficiaries who have moved or changed their tax information are likely to be able to receive their Child Tax Credit payment with some delay.

In September, a technical problem at the agency left 2 percent of families without payment, and most of them had recently changed their bank account information or address. These families can also check the status of their payment through the portal of Child Tax Credit Prepayments in 2021.

Reason 3: Change in income

Time is running out to claim Child Tax Credit checks
PHOTO Shutterstock

Some families may have received checks for less than they expected and this may be due to a change in family income. Remember that the maximum amount of the Child Tax Credit is available only to couples earning up to $ 150,000 annually or single parents earning up to $ 75,000 annually.

If a family had higher income, it does not mean that they will not receive federal aid, but it will be for an amount that is reduced by $ 50 for every $ 1,000 above the income level, he recalled The Sun. Despite the delays, the IRS has vowed to pay families the outstanding money.

Do I qualify for assistance?

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 ages 17 and older are also eligible 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.

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.

How does the Child Tax Credit work?

Tax credit would give help for the undocumented
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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.

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.

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“. IRS sent checks for less money in October by mistake!

The post IRS sent checks for less money in October by mistake! appeared first on Hispanic World.

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