What to Do If You Havent Received Your Child Tax Credit

Picture: DimaBerlin (Shutterstock) The very first of month-to-month kid tax credit payments worth up to $300 per child were sent out yesterday, however what should you do if it hasnt arrived? Well, hold-ups are expected– even for direct deposits set up with the IRS– so do not stress simply. Heres a take a look at what to expect for hold-ups, and the steps you can take if your payment never ever arrives.What is the child tax credit?As part of the American Rescue Plan signed into law last March, households in 2021 are entitled to tax credits worth approximately $3,600 per kid. Half of that is being sent out to taxpayers early, either as month-to-month checks or through direct deposit, on the fifteenth of on a monthly basis until completion of the year (for more details on how the credit works, read this Lifehacker post). What type of delays can be expected?Direct deposits might be postponed for 2 to 3 company days from July 15, which means that you may not see a payment up until after the weekend. Payments sent out as checks can take one to two weeks, so you could get yours closer to the end of the month.G/ O Media might get a commissionWhat if the child tax advantage payments never arrive?As an initial step, the IRS recommends logging into their kid tax credit portal if you have not received your very first payment yet. There, you can verify your eligibility and whether the payment has actually been processed. If your eligibility status is “pending,” it indicates that the IRS is still identifying whether you qualify. The company doesnt offer much assistance beyond that, other than recommending that you inspect the website again later. Per CNET, if youre examining your savings account to see if the payment was transferred, look for a deposit identified, “CHILDCTC.”( In addition to your payment status, the website will be updated over the next couple of weeks so that youll be able to change your address, the status of your dependents, and upgrade your wage for 2021). What if a payment is processed but I still havent gotten it?If you see a processed payment in the portal and you do not receive it, you can attempt something called a payment trace, which is a request to discover out what took place to your money. A trace can take up to 6 weeks to procedure, so youll only desire to utilize this option after adequate time has actually passed, as your payment may still be on its way. Before you start a payment trace, the IRS suggests making sure that sufficient time has actually passed from the date of your payment, as follows: Direct deposit: five daysMailed check to a standard address: 4 weeksMailed check to a forwarded address: 6 weeksMailed check to a foreign address: nine weeksIf none of this works, the worst case situation is that youll need to declare the full credit later as part of your 2021 tax return..