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.
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.
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.
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