For American families with children, there is something you should know about this month’s Child Tax Credit payment: the date the money drops into your bank account may not be what you expected.
The payments, part of the most recent federal stimulus package, will total $3,600 per child age 6 and under, and $3,000 for kids 7- to 17-years-old.
Half of the total credit is being distributed monthly between July and December, with $300 per month for kids 6 and under, and $250 for the 7 and up age group. The other half will be paid when families file for their 2021 income taxes.
The first payments were released on July 15, and September, October, November and December payments are also planned for the 15th of the month.
The August payment, however, will be on the 13th, bucking the trend.
DIDN’T GET YOUR JULY CHECK?
If you still haven’t received a payment for July 15 and you’re eligible for the program, you can request a payment trace from the IRS to track its status. How long you’ll have to wait before filing for a payment trace depends on whether you’re expecting your payment to arrive via direct deposit or a mailed check.
The IRS will automatically send the advanced monthly payments via direct deposit into bank accounts already on file with the IRS, while all other families will receive the payment in the form of a check. If you’re expecting a direct deposit, you can file for a payment trace if it’s been five days since the deposit date and the bank says it still hasn’t received the payment.
For those expecting a check mailed to a standard address, you must wait four weeks before filing for a trace, and for those without a standard address, the wait will be even longer.
Residents with a forwarding address on file with the local post office must wait six weeks before filling a payment trace, and residents with a foreign address will have to wait nine weeks.
"payment" - Google News
August 07, 2021 at 03:41AM
https://ift.tt/3lGRaZE
Stimulus update: There’s a change with the August payment - silive.com
"payment" - Google News
https://ift.tt/3bV4HFe
https://ift.tt/2VYfp89
Bagikan Berita Ini
0 Response to "Stimulus update: There’s a change with the August payment - silive.com"
Post a Comment