Photo: FREDERIC J. BROWN / AFP / Getty Images
The first round of child tax credit payments was distributed as of 15 of July, however, some families reported that they did not receive all the money to which they are entitled .
The Internal Revenue Service (IRS) began making payments of the new tax credit for children, after the approval of the American Rescue Plan system. More of 35 millions of families have received the aid that will continue to be distributed on a monthly basis until December 2021. There are several reports that indicate that some families have received an insufficient payment or have not received it in full .
If your child tax credit payment was less than you expected, There are some reasons that can explain it .
Reasons why child tax credit payment is lower :
The new system introduced the monthly payment structure , but there is still some confusion about the amount you will receive. Children under the age of six will receive annual payments totaling up to $ 3, 500 dollars, so the monthly payments will be $ 300 dollars per child. Those between six and 17 years will receive $ 3, 000 dollars per year , which is equivalent to $ 250 dollars per month.
However, these figures are the maximum amount you are entitled to as a parent However, some households with higher incomes will receive a lower amount .
Single persons with an adjusted gross income less than $ 75, 000 dollars, heads of households earning less than $ 80, 500 dollars or couples earning less than $ 150, 000 dollar en will be entitled to receive the total tax credit .
Above these thresholds, the monthly amount offered will be gradually reduced by decreasing by $ 50 dollars per each $ 1, dollars that are exceeded.
You should also take into account that the ages of children under or over six years old, the program applies it depending on how old your child is at the end of 2021 . For what a child who turns six during the year 2021 will only be entitled to a maximum monthly aid of $ 250 Dollars.
Related: IRS Alert: Scammers Trying to Steal Your Stimulus Check and Child Tax Credit Payments
More reasons than explain why you received less money
Although most families who meet the requirements will receive payment automatically. Those who do not usually file taxes will have to enroll in the program , otherwise the IRS would not have your information on file. If this is your case, you can complete the process quickly and easily through the online portal using the IRS tool for non-filers.
If you share your child’s responsibilities with someone who lives in a different household , that person may have received the payment instead of you .
The IRS will not release monthly payments between two parents and instead will use its own child tax credit guidelines to decide which parent will get the money.
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$ 12, 200 IRS dollars: the amount for a family with two children under the age of 18 years that you collect the child tax credit and stimulus check