Friday, December 3

IRS released millions of checks today under the Biden Administration’s “Child Tax Credit”


The headquarters of the Internal Revenue Service (IRS) in Washington, DC

Photo: Brendan Smialowski / AFP / Getty Images

The Internal Revenue Service (IRS) released this Friday, October 15, the fourth check as part of the monthly advance payments under the “Child Tax Credit” of the Biden Administration.

Since July, the agency in coordination with the Treasury Department has processed monthly shipments as part of the expansion of the program approved in the United States Congress in the Third Stimulus Package or the “American Bailout Plan”.

Most checks will be transferred to accounts today beneficiaries as in previous disbursements. The rest of the payments will be sent by postal mail, a process that can take from several days to weeks.

However, the fact that recipients see the money deposited in their accounts does not mean that they can freely use the funds.

Usually, IRS releases electronic payments on Fridays, but it is not until Wednesday of the following week that the cardholders can have the money. This responds to the rules established by the agency in conjunction with Nacha.

Nacha is the group in charge of managing the network Automated Clearing House (ACH Network) or the payment system for direct deposits and direct payments to accounts in US banks and cooperatives.

In the last installment of the third batch, the IRS released about $ 15 billion to about 35 million families.

It is estimated that the same number of families will receive the fourth monthly check starting this Friday.

“Under the American Rescue Plan, most eligible families received payments on July 15 and August 13, along with today’s payment on September 15. The following payments are scheduled for October 15, November 15 and December 15“, Specified the IRS in a statement last month.

The third federal stimulus law provides for payments of 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.

Advance deliveries represent 50% of the total payment corresponding to the credit extension.

The rest of the funds must be claimed by the family in a tax return during the next taxable season.

Eligible families who have not received payments already disbursed and are eligible, must submit their information and that of dependents to the IRS as soon as possible.

Mostly, this group includes the people who are not required to file low income taxes, so the IRS does not have your data to process payments.

Households in this situation must file a simplified tax return through the Non-filer Sign-up tool.

It may interest you:

Americans Who Will Receive October’s Check For Biden’s “Child Tax Credit” This Friday


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