Many people can expect their full payment amount of $250-$300 per child tomorrow, Nov. 15.
Unfortunately, some families that were impacted by the technical error in Sept. may not be getting that full amount.
After sending out $15 billion in tax credits, the IRS not only didn’t pay a percentage of parents in Sept., but when they did they paid them about 2% too much.
Related: Child Tax Credit: $300 to hit bank accounts in less that 48 hours
The IRS shared that one issue was with parents the file taxes jointly.
One parent would opt out while the other didn’t, and both needed to go into the portal as individuals to do it. This caused them to get half of the payment. After fixing the issue, people got a bit more than the payment.
Instead of making people repay it, the IRS is just taking it out of the remaining checks.
Related: Child Tax Credit: Will payments continue through 2022?
The overpayment for kids under 6 and $37.50 and for kids ages 6-17 it was $31.25.
Oct.’s payment was reduced by $10-$13 dollars, and Nov. and Dec.’s will be as well for the parents that were impacted.
Related: IRS: Have a child under age 13? Your household could get $8,000 in tax credits
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].