Child Tax Credit Update – Next IRS Payment Coming In TWO DAYS on September 15th and Filed for Parents

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THE next round of child tax credit payments are expected to start reaching desperate Americans in just two days.

More than 30 million households are expected to receive the stimulus money, worth up to $ 300 per child, starting September 15.

Tax credits were extended from $ 2,000 to $ 3,600 earlier this year by Joe Biden as part of the US bailout.

Families with children under six will receive $ 300 per child, while the amount is $ 250 for children between the ages of six and 17.

Payments will be sent either by direct deposit or by paper check.

Before Wednesday, Americans can use the IRS’s free online portal to check the status of their child tax credit.

Read our blog on the Child Tax Credit for the latest news and updates …

  • SHOULD YOU UNSUBSCRIBE? (continued)

    Opting out would also be a good idea if you know for sure that your household’s tax situation or situation is going to change and you want to avoid updating your account information in the IRS portal.

    This could be the case for separated, divorced or single parents who alternate custody of a child.

    Finally, if you’re worried, the IRS might send you an overpayment based on old tax information, and you don’t want to worry about returning that money.

    This would be the case if your household income increased or if a dependent grew out of an age range before the end of 2021.

  • SHOULD YOU UNSUBSCRIBE?

    While it’s too late to decline this week’s check, there is still time to make changes to your account before the October, November, and December payments.

    Withdrawing essentially means that you postpone when you receive the remaining portion of the credit until next spring, reports CNET.

    This is a good solution for divorced or single parents who have shared custody or claim dependents differently on their 2020 and 2021 tax returns.

    Others may prefer to opt out to avoid having to reimburse the IRS, or would simply prefer a larger tax refund next year.

    For example, you need to unsubscribe if you prefer to receive a single large payment next year instead of seven smaller ones.

    This would be ideal for families who are saving, those who have invested that money to pay off unpaid debt, or those who are used to receiving a larger repayment.

  • WHEN ARE CHECKS SENT?

    Subsequent stimulus checks will be mailed to households on October 15, November 15, and December 15.

    However, other families have chosen to receive the credit in 2022 instead.

    Parents should use the IRS online application to see if they are eligible to receive the next round of child tax credit payments

    They can also use the IRS’s free online portal to check the status of their child tax credit.

    The tool can be used to update bank details and postal addresses.

  • RECALL PAYMENTS

    But for those who missed it, the Treasury Department said in a statement: “Eligible families who have not registered in time to receive their child tax credit in this first round of payments may receive benefits. increased monthly payments to catch up with previous months after they enroll. “

    Secretary Janet L. Yellen added, “For the first time in our country’s history, working American families are receiving monthly tax breaks to help pay for essential expenses like doctor visits, school supplies and the grocery store.

    “This major tax break for the middle class and this step in reducing child poverty is a remarkable economic victory for America – and also a moral victory.”

  • PARENTS WHO MISS THE DEADLINE CAN STILL GET MONEY

    The IRS had said parents who missed previous checks may have to wait until next tax season to see the money.

    But they have since announced that those who update their financial information can now get previous payments earlier.

    Parents who missed this can do so either by filing a simplified tax return or by using the IRS portal to update their contact details.

    Most eligible people won’t have to do anything to see the money.

  • AVOID REFUNDING THE IRS

    It’s too late to opt out of the September Child Tax Credit payment, but Americans will have another chance to withdraw the checks on October 4.

    For parents making more money in 2021, the withdrawal can save you from having to pay at the end of the year.

    To stop monthly payments before the next round, parents should use the unsubscribe feature on the Child Tax Credit Update Portal.

  • EXPERTS RECOMMEND HOW TO SPEND THE MONEY

    Experts have recommended that families use the money to pay off their unpaid debts.

    Bruce McClary, of the National Foundation for Credit Counseling, told CNET: “If you’re in a situation where you have a lot of what I would call ‘toxic debt,’ paying those balances should be your No.1 priority. “

    Alternatively, families could spend money on vacations once Covid’s travel restrictions end.

    Families could use the extra money to treat loved ones to a meal in a fancy restaurant or buy a luxury item like a television.

  • HOW TO REPORT A SCAM

    The IRS said those who “receive unsolicited emails or attempts by social media to gather information that appears to come from the IRS or an organization closely related to the IRS” should forward the message to [email protected]

    The IRS added that people should not engage with scammers online or over the phone.

    Stimulus check fraud or theft can also be reported to the Inspector General of the Treasury for Tax Administration at TIPS.TIGTA.GOV, the IRS said.

    Anyone who thinks they are a “victim of identity theft as a result of a scam” can find out more here.

  • MORE SIGNS FOR SPOTTING SCAMMERS

    IRS said it would never send taxpayers unsolicited text messages or emails, threaten people with jail or prosecution, or demand payment of taxes on gift cards or cryptocurrency .

    The IRS said anyone who receives emails or texts from the IRS should be on the lookout for misspellings or grammatical errors, which are considered “indicators of fraud.”

    He also warned that people should be wary of shortened URL links included in messages, which can lead to “fraudulent web pages.”

  • SIGNS TO SPOT A SCAMMER

    The IRS said the crooks tried to match the language the IRS uses to trick taxpayers into submitting their personal information or handing over money.

    He said recent examples included text messages stating that the user was eligible for a stimulus payment but had to click on a link in order to receive it.

    In another example, he said emails were sent claiming the IRS had calculated their “tax activity” and they were eligible for payment.

  • IRS ON STIMULUS SCAMS

    Jim Lee, IRS head of criminal investigations, said in a statement, “Even though taxpayers have received several rounds of economic impact payments, we have seen phishing scams increase this summer.

    “The number of reported scam attempts has reached levels we haven’t seen in over a decade.

    “More than ever, it is important for taxpayers to continue to protect their personal information and not fall victim to these scams. “

  • STATE STIMULUS CONTROLS

    Meanwhile, some states have made stimulus payments of up to $ 3,000 to teachers as a risk bonus.

    Those who worked inside Michigan school buildings received up to $ 3,000 while Georgia handed over $ 1,000 in bonuses to staff to recognize their dedication throughout the pandemic.

  • WAYS TO SPEND CTC

    Families can choose how they spend their money, from buying groceries or drugs to paying for your car repairs.

    Experts have recommended that families use the money to pay off their unpaid debts.

  • IRS URGES FAMILIES TO SIGN UP FOR BENEFITS

    On Twitter, the IRS urged parents to sign up for the benefits as soon as possible, sending several reminders that it was now time to update mailing addresses or banking information.

    The agency sent out several tweets this week urging families to sign up, reminding parents that the credit could be particularly helpful for school expenses as the students return to class.

  • NON FILTERING PORTAL

    Meanwhile, the agency has created an easy-to-access portal for Americans who don’t have enough to file a tax return.

    Eligible individuals can use the new tool to update relevant information, including names, addresses and social security numbers.

    According to IRS Commissioner Chuck Rettig, “We have been working hard to start offering the Monthly Early Childhood Tax Credit to millions of families with children in July.

    “This new tool will allow more people to easily access this important credit, as well as people who do not normally file a tax return, to obtain an economic impact payment.”

    “We encourage people to review the details of this important new effort.”

  • INCOME THRESHOLDS

    The maximum credit is available for taxpayers whose modified adjusted gross income (AGI) is $ 75,000 or less for singles, $ 112,500 or less for heads of households, and $ 150,000 or less for married couples filing a joint return and eligible widows and widowers.

    If your income is greater than this amount, the additional credit you receive per child is reduced by $ 50 for every $ 1,000 of AGI changed.

  • NEXT PAYMENT DATES

    The next round of payments will be sent starting Wednesday, September 15, and families should see the money in their bank accounts within days.

    For parents who have chosen to receive monthly checks, subsequent payments will be sent on October 15, November 15, and December 15.

    Families will receive up to $ 1,800 when income tax returns are filed next year.

  • HOW MUCH WILL YOU RECEIVE?

    Tax credits were extended from $ 2,000 to $ 3,600 earlier this year by Joe Biden as part of the US bailout.

    Families with children under six will receive $ 300 per child, while the amount is $ 250 for children between the ages of six and 17.



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