IRS: Direct deposits from the August check under “Child Tax Credit” were released this Wednesday

IRS: Direct deposits from the August check under “Child Tax Credit” were released this Wednesday

Millions of beneficiaries of the extension of the “Child Tax Credit” can now make free use of the funds from the second monthly check deposited in their bank accounts.

Photo: Justin Sullivan / Getty Images

The Internal Revenue Service (IRS) officially released this Wednesday morning the direct deposits of the second monthly payment under the extension of the “Child Tax Credit” to millions of American families.

The IRS announced last Friday the disbursement of the money for the month of August. However, in the case of electronic transfers, the official payment date or the day on which the recipients can freely use the funds, is the Wednesday of the following week.

In this case, the date falls today, August 18.

Before this Wednesday, the deposits were supposed to appear reflected in the bank accounts, but the carriers could not have the money.

In the case of the second of the six advance payments under the Biden Administration program, a 15% of people who received deposits in the first installment of JulyYou will now receive a paper check in the mail.

The agency indicated that the above is due to an unspecified problem.

“The IRS wants to alert some recipients who received direct deposits in July that they will receive August payments in the mail. Due to an issue that is expected to be resolved with the September payments, a percentage of these recipients (less than 15%) who received direct deposit payments in July will be sent paper checks for the August payment. For those affected, no additional action is required for the September payment to be issued by direct deposit. Families can visit the Child Tax Credit Update Portal to see if they receive a direct deposit or paper check this month, ”the office said on its website.

Checks for USPS take longer to arrive

Processing through the United States Postal Service or USPS could take up to 2 weeks to be completed, so recipients would be receiving the check in the mail later this month.

The rest of the shipments are scheduled for the following dates: September 15, October 15, November 15 and December 15.

Individuals who unenroll from monthly payments will need to claim a single full payment in the next tax season.

Third stimulus law increases amount of money per minor eligible for credit

The “American rescue plan” approved in the United States Congress last March increased the amount of retail eligible for credit and provided for advance payments between July and December of this year.

“For these families, each payment is up to $ 300 per month for each child under the age of 6 and up to $ 250 per month for each child ages 6 to 17, ”the IRS stated.

The maximum amount that a family can claim for each child is $ 3,600, according to the new provisions.

However, the final amount that the IRS will credit each household will also depend on the income of the parent, parents, or guardians.

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