The IRS distributed the second round of advance Child Tax Credit payments today, but some families may be wondering why they haven’t received their payments.
As per a statement from the U.S. Treasury released Friday, “[d]ue to a technical issue expected to be resolved by the September payments, a small percentage of recipients — less than 15 percent — who received payments by direct deposit in July will be mailed paper checks for the August payment.”
For families eligible to receive the tax credit, “[h]alf the total credit amount will be paid in advance monthly payments,” the IRS stated. Families can expect the second half when they file their 2021 income tax return. The IRS published a schedule of when families should receive the advance payments, which started on July 15, 2021. The advance payments end December 15.
The credit provides $3,000 per child for families whose children are 6-17 years old and $3,600 per child for kids under age six. It applies to families making less than $150,000 or single-parent families making less than $112,500 annually.
For every child 6-17 years old, families will get $250 each month, and for every child under 6 years old, families will get $300 each month.
To see if you are receiving a paper check or direct deposit for the August payment, you can visit the IRS Child Tax Credit Update Portal.