This Thursday the first round of advance payments of the Tax Credit for children that will give cash to about 39 million families in the country.
Most of these payments were sent out on July 15 by the IRS and eligible families could receive up to $ 300 per child.
However, it could happen that your family is eligible and the money has not yet arrived. Therefore, below, we share five reasons why support is not yet in your hands.
1 – The payment is still processing
When the government sent the stimulus checks at the beginning of the pandemic, the deposits often fell into bank accounts on different days due to bank processing times. In these cases, there is nothing to do but wait.
If your bank says it hasn’t received the payment yet and it’s been five days since your direct deposit, you can request a payment follow-up from the IRS. You can complete this form to start the process.
2 – It goes way in the mail
If the IRS does not have your direct deposit information, then they will send you a paper check in the mail. Paper checks tend to take longer to arrive than direct deposits.
If it has been four weeks since the check was mailed to a normal address, six weeks since it was mailed to a forwarding address, or nine weeks to a foreign address, you can request a payment tracking from the IRS.
3 – Your child is too old
To qualify for advance payments, the dependent in question must be under the age of 18 by December 31, 2021.
If your kid doesn’t reach the limit, they might still have some money, they just have to be patient. And it is that families with dependents who are 18 years old or full-time college students who are between 19 and 24 years old will qualify for a credit of $ 500 when they file their taxes in 2022.
4 – You just had a baby
The IRS generally uses data from your 2020 or 2019 tax returns to calculate your child tax credit payments. So if you’ve recently had a baby, the agency may not know about it.
Eventually you will be able to update the information about your children in the Child Tax Credit Update Portal. You could also plan to claim the full credit on your 2021 taxes when you file your return next year.
–You may also be interested: IRS will send monthly payments of up to $ 300 from the Child Tax Credit starting today