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Saturday, May 28, 2022

Stimulus Check Update: How Will You Get Your Next?

The IRS has stated that there is a delay in the distribution of the August CTC stimulus check payment, which should be cleared by now. This problem has been faced by those families who previously received their advance child tax credit payment through direct deposit in July. 

The IRS managed to process the second round of the advance child tax credit payments on the 13th of August, and yet around 15% of the recipients who were on the verge of receiving a direct deposit haven’t yet received it. Here is how you can make sure that you would receive your payment. 

The CTC Stimulus Check Provisions

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Firstly, one needs to make sure to understand that mailed checks can take some time to reach, compared to direct deposits which the IRS usually processes. The IRS has also mentioned that this issue will most probably be resolved by the time the next stimulus check payment goes out on the 15th of September.

Keep in mind that these advance payments are actually a part of the American Rescue Plan of the Biden administration- which was further expanded to enlist the existing child tax credit eligibility requirements.

In any case, most of the qualifying families would have the option of moving out of the provision of CTC stimulus check payments that will take place throughout the months from July to December. The total monthly payouts come to a total of $300 for every child under the age of 6 years, and up to $250 for every child under the age of 6 to 17 for taxpayers who have an annual income less than $75,000 or around $150,000. 

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As far as the latest news goes, families who have received their advance CTC stimulus check payments have until the 30th of August to change their information in the Child Tax Credit Update Portal in the event that they want their 15th September payout to be made through direct deposit.

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