Child tax credit payments from September are finally hitting bank accounts as the IRS makes a new round of deposits on Friday.
The next round of Child Tax Credit advance payments are set to hit bank accounts on October 15. The deadline for eligible families to opt out of receiving the $250 or $300 payment per eligible child is Monday, October 4.
Some families have reported issues with child tax credit payments, as well as tax returns and stimulus checks. However, the IRS expected the delayed September child tax credit payments to hit bank accounts on Friday, October 1.
This included around 2% of those who were scheduled to receive a payment on September 15, but never did. For those who are waiting on a physical check — those could take significantly longer.
“There was a technical issue and estimate fewer than 2% of payment recipients didn’t get their money. The impacted group was primarily taxpayers who recently made updates on their bank account or address in the portal. We know people depend on receiving these payments on time and we apologize for the delay,” the IRS said.
The rules for the payments has not changed. Those with children between 6-17 years old are eligible for $250 per month, per child. Those with children under 6 are eligible for payments of $300 per month, per child. The total collectable benefit through the advance payments is $3,000 or $3,600 depending on the age of the children being claimed.
Experts say anything that isn’t paid out in 2021 can be collected when taxes are filed in 2022.
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