Was your child tax credit check smaller than usual? Here is what is happening
The fourth installment of the advance portion of the child tax credit the payments were deposited into millions of bank accounts of eligible families last Friday. However, for many, the amount received was lower than expected.
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The IRS said there are “several reasons” why people may see different amounts than they received in previous months. Such an explanation could revolve around the fact that one spouse has changed address or bank account and the other spouse has not changed. This means that half of the other spouse’s payment could go to an old address or an old bank account, and the IRS could have flagged the account in order to prevent fraud. The IRS has said that in all cases the full payment will eventually be distributed, but some may have seen reduced payments for September and October.
These types of errors are most common when spouses do not have joint bank accounts and the payment is split between the two, or if there has been a change recently. If you’ve made changes to your direct deposit information, for example, the IRS will automatically correct your payment for the next month if you received less than you should, and no further action is required.
Those who recently signed up for the child tax credit will receive larger checks this month (and next month) than those who signed up for the credit in July. Those who started receiving payments normally in July received either $ 300 per child under 6 and $ 250 per child 6 to 17. For each month missed since July, payments will be made up of amounts compounded for October, November, and December.
Although the IRS portals for CTC registration are closed, you can still register for these CTC lump sum payments until November 15 on GetCTC.org, which is a website created by the US Treasury Department in partnership with Code for America.
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Last updated: October 19, 2021
This article originally appeared on GOBankingRates.com: Stimulus errors: Was your child tax credit check smaller than usual? Here is what is happening