Due to an IRS error that resulted in paper checks being delivered instead of digital deposits, at least 4 million families have had their child tax credit payments delayed.
How to Check Status of Missing Child Tax Credit?
In a recently published article in CNET, between now and December, regular monthly payments should arrive in your bank account on the 15th of each month. You may see your processed monthly payment history via the IRS’s Child Tax Credit Update Portal, according to the IRS. It will be an excellent method to keep track of any outstanding payments that have not yet cleared your bank account.
Others have yet to receive child tax credit payments due to inaccurate banking information or a misplaced postal address. Others are getting different amounts than anticipated, which may have an impact on your taxes next year, particularly if you are no longer eligible for monthly payments.
You’ll need to register with your IRS login and ID.me account details to check on your payments online. A picture ID is required for first-time users (it’s one of the ways the IRS tries to safeguard your information from identity theft). We don’t know whether the site will provide additional payment information, such as banking information, the amount, the check’s processing date, or what may be causing the payment to be delayed.
Important Thing You Should Do While Waiting for Your Child Tax Credit
Payments of the monthly child tax credit began in July, but some parents have yet to receive that check, as well as the one for August. Even though child tax credit payments are supposed to come on specific dates, there are a few reasons why you may not receive the money on time.
It’s also worth noting that if you’ve been the victim of tax-related identity theft, you won’t be eligible for child tax credit payments until the IRS has addressed your problems. If the problems aren’t resolved this year when early payments are being made, you’ll get the entire amount when you submit your taxes in 2022.
Eligibility for Child Tax Credit on September 15, 2021
According to the Internal Revenue Service, if you have a qualified kid, you may be eligible for Child Tax Credit payments in advance. Also, if you’re married and filing a joint return, you or your spouse must spend more than half of the year in one of the 50 states or the District of Columbia. Your primary residence may be wherever you dwell on a regular basis.
Income is more than the aforementioned levels but less than $400,000 (married filing jointly) or $200,000 (single filing) (all other filing statuses). For each $1,000 spent, your total credit per kid may be decreased by $50. (or a fraction thereof). Your credit will not be reduced below $2,000 per kid as a result of this phaseout.
Second phaseout: Earnings of more than $400,000 (married filing jointly) or $200,000 (single filing) (other filing statuses). The phaseout will continue to deduct $50 for every $1,000 spent, bringing your credit per kid below $2,000 for the first time. It’s possible that you won’t be able to receive the credit at all.