Have you received your child tax credit advance payments on time over the last two months? Some families are still waiting for July and August payments, as others prepare for $300 or more to be direct deposited into bank accounts on September 15.
Experts say the most common reason for child tax credit payments being delayed is due to outdated mailing or banking information. While it’s too late to update your information for the September 15 payment series – modifications now will take effect for the October 15 payments.
Once your information is up-to-date then payments should start arriving. The IRS is issuing the payments. Look for specific codes and dates that indicate which payment you’re receiving and keep good records.
Experts say that any payments not delivered by winter can be included in your 2021 tax return through the traditional means of obtaining the child tax credit. The second half of it will be claimable at that point anyway.
There was an IRS glitch, which prevented some families from getting July child tax credit payments, as well as a few other reasons.
Families that didn’t file taxes in 2019 or 2020, as well as those who did not live in the U.S. for half the year in 2019 or 2020 were reporting more issues with child tax credit advance payments.
People who had children in the last year, as well as those who went through the adoption process also experienced some issues with the first two payments.
If everything is accurate- you might have to submit Form 3911, which is available here. It has to be mailed or faxed to the IRS. This will get those who should have received the child tax credit payments back on track.
Finally, for those who believe they received the wrong amount- keep records and be prepared to deal with it at tax time. Unfortunately, aside from keeping information accurate with the IRS there isn’t a ton that can be done for now.