August Child Tax Credit: what to do if the payment has not arrived
The last round of Child Tax Credit payments were sent on August 13 and you may be wondering how long the money could take to arrive in your bank account.
When should the credit arrive?
For bank deposits the IRS says the transfers should arrive within three business days.
If your credit is being sent by mailed check then it could take one to to weeks to arrive.
The IRS says 9 out of 10 people will have received the credit within 21 days, before September 3.
How can I check if the credit has arrived?
Firstly, make sure you are eligible for the Child Tax Credit with this tool from the IRS.
If you didn't file your taxes in 2020 or 2019 then you will need to use this link to the IRS portal. You can fill in the necessary details there make sure your payments begin.
The IRS also has a FAQ page on its website for other pressing questions.
If you qualify for the credit, and have filed your taxes in the last two years, but still haven't received the money then use these tools to check where your money is:
How much money should I be expecting?
For each child under six, those eligible will receive $300 a month, and for children between the ages of six and seventeen, $250 will be sent. There is no limit on the number of children in an eligible family and unless you opted out, it is totally automatic, unless you are part of the aforementioned group which hasn't filed taxes.
If you are only just filing your taxes for the first time now, then you will receive payments for July and August, you won't miss out.
Who is eligible?
The new credit is available to taxpayers with a modified adjusted gross income (AGI) of:
That includes 88% of American families.