While some families received a child tax credit payment for the month of October from the IRS, others are still waiting for their money back.
Payments, which began Oct. 15, are $ 300 per child under six and $ 250 for each child six to 17.
The IRS has allocated $ 15 billion to approximately 36 million taxpayers as part of President Biden’s child tax credit extension.
Payments are made in the form of a paper check or direct deposit into a bank account, with the majority of recipients opting for direct deposit.
For those who are still waiting for the IRS to come up with your money, here are some reasons the agency may be taking its time on your check.
The IRS has been prone to technical glitches and delays in sending checks over the past few months, so there’s reason to believe October’s money could be delayed as well.
September saw one million delayed checks, while about four million August checks were delayed.
If you’re wondering where your payment is, the IRS just might not have processed and sent it yet.
You can check the status of your check on the Payments Processed tab of the Child Tax Credit portal.
Read our live blog on the Child Tax Credit for the latest news and updates …
You can also use the portal to unsubscribe from future advance payments.
It’s too late to decline the October early payment, but families have until 11:59 p.m. EST on November 1 if they want to stop payments next month.
Taxpayers who have recently moved or changed their information in some other way are also likely to experience a delay in receiving the child tax credit payment.
Last month, a technical glitch at the IRS caused about 2% of households to miss a payment.
In particular, many affected taxpayers had recently changed their bank accounts or contact details through the IRS update portal.
Also, if only one parent of a married household made a correction to banking information or a mailing address, it could have reduced the payment amount, CNET reports.
Those wondering about a missed child tax credit should verify that their information on file is correct in the Child Tax Credit Update Portal.
If the money you received this month is lower than expected, it may be due to a change in income.
Married couples declaring jointly earning up to $ 150,000 and single taxfilers earning up to $ 75,000 may be eligible for the full amount.
If you earn more, the monthly check is reduced by $ 50 for every $ 1,000 above the income bracket.
So, if you earn $ 80,000 as a sole filer, you may only be entitled to $ 200 per month, depending on other eligibility factors.