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Wednesday, August 10, 2022

Child Tax Credit Update: What To Do If You Haven’t Received It Yet?

There are many Americans who are having issues with the payments regarding the child tax credit. If your stimulus check regarding the child tax credit hasn’t yet come through, your check might get a holdup. In that case, you can always request the IRS for a payment trace. 

What Can Be The Reason Behind The Delay In Your Child Tax Credit?

This year, many American families are looking to bank on this additional cash. This additional cash is being delivered in recurring payments. These payments are being given for school supplies, child care, and food. The money relating to the child tax credit can amount to a maximum of $300/ month for every qualifying child, which will depend on the income rules and the age. The first thing to do will be to update your current information concerning older taxes and switching banks. This can also be the reason behind your ineligibility in receiving the credit.

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The Update Portal of the IRS allows users to change their information related to direct deposit. It also helps you to view the exact place and time of payment. The IRS might not have your current banking information. The USPS can also hold up your child tax credit payment. Or maybe, your DD payment hasn’t yet gotten processed.

If there has been a theft regarding your tax-related identity, you won’t be receiving your payments related to child tax credit! If you don’t receive your full payment by this year, you will be getting the full money by the time you file your tax returns in 2022. If you are not ineligible, you would be getting your payments related to child tax credit this year. 

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