Illinois

Child tax credit: Reasons for receiving small payments in October, November and December

Cleveland (WJW) — If you are wondering why you are moving forward Child tax deduction Payments in October were low. First reported technical glitch in September You may be responsible. Glitch is also expected to affect payments in November and December.

Due to this technical issue with September payments, less than 2% of child tax credit recipients did not receive payment on the scheduled payment date.

Recently, it has occurred for some taxpayers who have renewed their bank account or address on the IRS Child Tax Credit Renewal Portal. More specifically, it happened that married taxpayers jointly filed when only one spouse changed their bank account or address.

This splits the payment in two between the existing account or address and the new account or address.

In some of these cases, installments caused delays and payments were slightly higher than the correct amount. To remedy this overpayment, the IRS said each spouse should expect small payments in October, November and December.

The IRS statement regarding this installment payment is as follows:

Typical overpayments were $ 31.25 per child between the ages of 6 and 17 and $ 37.50 per child under the age of 6. This saves about $ 10 to $ 13 per child for the remaining three months of payment.

The remaining payments are set for November 15th and December 15th.

Child tax credit: Reasons for receiving small payments in October, November and December

Source link Child tax credit: Reasons for receiving small payments in October, November and December

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