Families who will receive next week’s second monthly check under Biden’s “Child Tax Credit”


Families who will receive next week’s second monthly check under Biden’s “Child Tax Credit”

Direct deposits of money by the IRS to taxpayers are the fastest way to process funds related to government aid for the pandemic.

Photo: Cindy Ord / Getty Images

The Internal Revenue Service (IRS) confirmed that it sent 36 million families in the United States this Friday the second monthly payment under the “Child Tax Credit” of the Biden Administration.

As of yesterday, taxpayers who submitted their information for direct deposit were supposed to see the transfers reflected in their accounts.

However, it will be from the next that they will be able to make free use of the funds.

Usually, the IRS deposits the incentives approved under the stimulus laws in batches each Friday.

But the official payment date or the day the funds are available for use is the Wednesday of the following.

The expectation is that many of the second round payouts will be accessible on Wednesday, August 18.

Parallel, the IRS mailed paper checks with the payment to Americans for whom you do not have bank information for electronic transfers.

The agency spent about $ 15 billion on this second batch.

The first delivery was made on July 15. Until next December, the office will continue to process checks on a monthly basis by virtue of the extension to the “Child Tax Credit” (CTC) contained in the “American Rescue Plan”.

“Under the US Rescue Plan, most eligible families received their first payment on July 15 and payments will continue every month for the remainder of 2021. For these families, each payment is up to $ 300 per month for each child under 6 years and up to $ 250 per month for each child from 6 to 17 years, “said the IRS in a press release released yesterday.

The next payment dates are: September 15, October 15, November 15 and December 15.

Some people who received direct deposits in July will receive a second payment in the mail

The entity announced that, in the case of the second installment, some recipients who received direct deposits in July this time will receive August payments by mail due to an unspecified problem.

“Those who receive their payments by check should make sure to allow additional time for delivery by mail until the end of August,” the agency advised.

The IRS said that two types of families are receiving the second payment as of Friday.

“Payments were made to eligible families who filed tax returns for the years 2019 or 2020. Returns processed through August 2 are part of these payments. This includes individuals who do not normally file a return but who successfully signed up for Economic Impact Payments with the IRS Non-Filers tool on IRS.gov in 2020 or successfully used the Non-filer tool in 2021 Sign-Up for the advance payment of the CTC, also available only in IRS.gov ”, explained the Internal Revenue Service.

The third law of stimulus increased CTC amount per eligible minor and arranged for himselfeis advance payments to families that they so wish.

Changes in the law provide for a maximum of $ 3,600 for each qualifying child under the age of 6 years, and $ 3,000 for each child between the ages of 6 and 17.

The final amount of the payment will also depend on the income of the qualifying minor’s guardian (s).

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