Stimulus Update: You May Get a Smaller Child Tax Credit Payment Today – Here’s Why
Did you check your bank account this morning to find that your child tax credit advance payment was smaller than it should be? If you missed your payment in September due to a technical error that plagued the IRS, your November CTC could be a bit smaller.
The IRS failed to pay certain parents in September but ultimately made up for the payment – and then some. Rather than asking parents to pay back the overage, which amounted to $37.50 for children under 6 years old and $31.25 for children between the ages of 6 and 17, the IRS reduced October, November and December payments. Your November check may have been $10 to $13 less for each child. You can expect the same in December.
September’s technical issue affected roughly 2% of families who were eligible to receive payments, according to the IRS website. The issue affected some parents who updated their bank account or address information through the IRS Child Tax Credit Update Portal, the IRS said, especially in cases where only one parent updated their information, but the parents are married, filing jointly. The issue caused delayed payments, the IRS said.
If you were affected by the technical issue and will see reduced payments for the rest of the year, you should look for a letter in the mail from the IRS explaining what happened.
More From GOBankingRates