Where is my child tax credit paid?
SPRINGFIELD, Mo. (KY3) – The first child tax credit payments went into bank accounts on Thursday. If you were expecting one, but didn’t receive it, here’s what you can do about it.
Go to the IRS website. There is an update portal on the child tax credit. Log in and see what’s going on. Maybe you need to update your address or banking information.
Wait a week
Take a break. It may arrive in your mailbox in a few days. Give it a week. If you still don’t have your money, you can file what is called a trace.
However, it can take about six weeks to get a response from the IRS. That is why you must be your own lawyer and consult the portal. Make sure Uncle Sam has your correct information.
Keep track of your payments. The total amount is really important.
“The down payments are based on an estimate based on previous years. And so you have to know how much you actually got. Because you’re going to have to deduct that actual amount from the credit you’re entitled to when you do your taxes, ”said Tiffany Cossey, School of Accountancy, Drury University.
Remember, getting those prepayments means that in the spring you won’t get as big a refund. Plan ahead.
“Some people plan their budgets so that they get a big refund at tax time with this advanced child tax credit. They just need to understand that if they get it now, it’s really a prepayment towards that credit, their final repayment in the spring will be less, ”Cossey said.
You can always opt out on the IRS website. There are delays. This might be a good option for you if you are making a lot more money this year than last year. You don’t want to end up owing or paying off a part.
Later this summer, on the portal, tell Uncle Sam if you’ve had a baby this year, got married or divorced. These big life changes impact the amount of money you get.
Or you can decide not to do all of that and work it out when you file in a few months.
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