Update from the IRS on the child tax credit: Beginning THIS WEEK, October advance payments will be transferred straight into bank accounts.
On October 15, the next child tax credit payment will begin to arrive in bank accounts.
Families who do not fulfill the eligibility standards for advance payments may wish to unenroll in order to avoid having to repay the IRS.
Advance payments are voluntary, and you have until November 1 at 11:59 p.m. ET to opt out.
For families that know their financial status may change this year, opting out of advance payments is a wise decision.
If you’re expecting a payment, go to the non-filer tool, which will be open until next Friday, October 15.
Families who sign up for the payments may get hundreds of dollars per month for each child who qualifies.
The IRS will decide eligibility for the monthly payments based on 2020 tax returns, so people who have not yet submitted their taxes may miss out.
According to CNET, parents who don’t make enough money to file a tax return may also be missed out because the IRS has no means of knowing if they qualify for the payouts.
For the most up-to-date information, see our child tax credit live blog…
According to the IRS, individuals should be cautious about clicking on shortened links since they may lead to bogus websites.
Anyone who believes they have been the victim of a phishing assault should send an email to [email protected]
Americans should report the occurrence to the Treasury Inspector General for Tax Administration using the website TIPS.TIGTA.GOV if it involves their stimulus payment.
DATES ON WHICH THE MONEY HAS BEEN SENT OUT
Unless you choose to opt out, the first advance payments arrived on July 15 and August 13, with the rest scheduled to arrive on September 15, October 15, November 15, and December 15.
The remaining half, up to $1,800 per child, is paid out in a lump amount the following year after you’ve filed your tax return.
IF YOU MISSED A CHECK, HERE’S WHAT TO DO.
In addition, instead of receiving direct deposits, around 4 million families will receive physical checks.
The second check that was sent out last week may still be in the mail if the IRS does not have your deposit information.
Fortunately, Americans may check the status of their checks using an online portal.
You can also check to see if the IRS has your current banking information and when your last payment was made.
BRACKETS OF INCOME
If a single parent or a parent who files their taxes as a single parent earns $75,000 or less, they will be eligible for the full check.
If you earn more than $75,000 per month, your monthly payout will be decreased by $50 for every $1,000 earned… Brinkwire News in a Nutshell