IRS released millions of payments to families on Friday under Biden’s “Child Tax Credit”


The Internal Revenue Service (IRS) works to disburse funds from various programs arranged under the Biden Administration’s “American Bailout Plan.”

Photo: Zach Gibson / Getty Images

The Internal Revenue Service (IRS) will deposit and mail this Friday, August 13, the second payment under the Biden Administration’s “Child Tax Credit” (CTC) extension to millions of Americans.

This is the selected date this month for the early release of funds by virtue of the approval of the third stimulus bill in the United States Congress.

The “American Rescue Plan” increased the amount of retail money under the CTC and provided for six monthly deliveries early between July and December of this year.

The first payment was issued on July 15 eligible families.

First payments will arrive by direct deposit

The first to receive the incentive are taxpayers who submitted their bank account information for direct deposit to the IRS.

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The new Biden Administration program provides for a maximum of $ 3,600 for each child qualifying under 6 years, and $ 3,000 for each child between 6 and 17 years.

Regarding the monthly amount, families that qualify for the extended credit will receive a payment of up to $ 300 per month for each child 6 years old or younger and up to $ 250 per month for each child 6 to 17 years old.

The amount that the IRS will ultimately send will also depend on the income of the minor’s guardian or guardians.

Families can check payment status through the update portal on IRS.gov

The IRS enabled several free services on its website (IRS.gov) to verify eligibility and track payment arrival.

Through the Child Tax Credit Update Portal, users can check if the payment scheduled for today is pending or has already been processed.

The first case means that the IRS is still reviewing your account to determine eligibility.

Through the site, people can also follow updates.

Why didn’t I receive the first payment for July while I was still eligible?

In the event that you are eligible, but did not receive the first payment, the agency may need you to submit your personal and dependent information.

If you are required to file taxes and have not yet done so, you must file a return as soon as possible for the office to process the Child Tax Credit payments.

If you are not required to report income to the IRS because it generates very little, you can still file a return or enter your data through the “Non-filers Sign-Up” tool.

Beneficiaries can cancel subscription to monthly payments

In case you prefer receive a single total payment, you can unsubscribe from the monthly deliveries, also through the upgrade portal.

People can cancel your registration at any time, but each month there are deadlines for the update to take effect for the next one.

“For people who are married and file a joint return, they and their spouse must cancel the registration through the Child Tax Credit Update Portal. If only one person unsubscribes, they will still receive half of the normal pay. Likewise, if you change your bank account information, you must both update so that both halves of your payment go to the new account, ”the IRS explained on its website.

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