Child tax credit payment totaling $15BILLION sent out to 35M American families today as IRS deals with delays
MILLIONS of Americans are receiving the third batch of the enhanced Child Tax Credit.
About $15 billion has been sent out to American bank accounts on Sept. 15 and "is reaching about 35 million families today across the country," according to the Internal Revenue Service (IRS).
Those families who opted to be paid advance sums totaling $3,600 in 2021 are starting to see their third monthly installment as part of President Joe Biden's $1.9trillion American Rescue Plan passed through Congress in March.
The IRS suggested all "future payments" are scheduled for October 15, November 15, and December 15.”
If the parents or guardians deferred payments, they can expect to receive a lump sum next year.
MOSTLY DIRECT, SOME PAPER
The CTC payments can reach $300 per month for each child under age 6 and up to $250 per month for each child ages 6 through 17.
Most of the checks are distributed through direct deposit, but the IRS confirms many prefer to receive paper checks in the mail.
The majority of the checks are being issued by direct deposit. But the IRS confirmed some families will be mailed a "paper check" and some need to "allow extra time."
To figure out if the payment is coming in paper or direct deposit – the IRS provides a tool Child Tax Credit Update Portal.
Read our Child tax credit live blog for the very latest news and updates…
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