Child Tax Credit: Reasons More Families Are Receiving Second Monthly Payment

Child Tax Credit: Reasons More Families Are Receiving Second Monthly Payment

According to the Internal Revenue Service (IRS) more tax returns have been processed in the last month and more families that don’t usually do it signed up to receive Child Tax Credit payments through the federal agency portal.

The federal agency reported that it continues to improve its databases to identify more families who can receive funds from the federal program.

According to the report published last month by the Center for Budget and Political Priorities nearly 4 million children from low-income families are at risk of not receiving tax credit payments because the IRS does not have the data of the families.

Related: IRS Online Tool Errors That Are Making It Hard for Families to Sign Up for the Child Tax Credit

Payments of the tax credit will be delivered monthly until December and will end unless Congress approves the extension of the term.

Remember that the monthly payments of the child tax credit are an advance of half of the tax credit. In case of being benefited, you can choose not to receive the monthly payments and instead receive the full credit during the tax season in the spring of 2022.

This week the Senate approved a budget of $ 3.5 trillion that would expand the child tax credit but they have not specified its duration yet.

You may be interested in the following news:

  • Second payment of the Child Tax Credit: IRS sends $ 15 billion to families in the United States
  • Child Tax Credit: How the Federal Program is Helping Families in America
  • Child Tax Credit: could help millions of undocumented immigrant families lift themselves out of poverty

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