Child Tax Credit snafu means August payment delay for over 4 million taxpayers:
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The first batch of advance monthly payments sent out in July worth roughly $15 billion reached about 35 million families. About 86% got their July payments by direct deposit. That would work out to 4.5 million folks stuck waiting for their August payments. The IRS says it expects to have a fix before September, so for those affected, September payments will resume by direct deposit.
Normally you get the Child Tax Credit when you file your tax return . But the American Rescue Act both increased the tax credit dollar amount and included a provision to make half of the credit available as advance payments on a monthly basis starting July 15—for 2021. Didn’t get a July payment? Families who did not get a July payment and are getting their first monthly payment in August will still receive their total advance payment for the year. This means that the total payment will be spread over five months, rather than six, making each monthly payment larger.
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