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Friday, July 1, 2022

Child Tax Credit Update: FAQs

Since the money provided under the child tax credit system is much higher, the families have the option of receiving half the sum in monthly payments. These monthly payments will be divided into six installments from the months of July to December. The other half comes in as a single payout after the tax season in 2022. The checks would definitely be of help to struggling families that are trying to cover their daily expenses through the CTC stimulus check payments. 

The first payment under the child tax credit was issued on the 15th of July- while the next one has been scheduled for the 13th of August. Every child under the age of 6 might be eligible for a payment up to $300, while children between the ages of 6 and 17 could be eligible for a payment of $250.

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But even though the payments seem to be great, parents still have the choice of opting out of the payments if they are ineligible or if they would rather have the whole amount at one go. In order to estimate the total, one can use the calculator of CNET. 

What If I Don’t Receive The Child Tax Credit Money When The Payment Is Issued?

One of the most important things that need to be kept in mind is that the IRS has been targeting the payment dates. In the event that you have a direct deposit that is directly linked to the IRS, you might actually be able to see a pending payment for the child tax credit check before the actual date of closing. This means that while you won’t be able to access the money just yet, you would still be able to know where it is. 

Your child tax credit payment could definitely take a little bit of time to arrive if you are going to be receiving it through the mail. In the event that enough time has passed and you still haven’t received it, you can definitely use the Update Portal of the IRS to correct the information that you have previously provided for your direct deposit.

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