The advance payments of the child tax credit might have delays here and there but before you think it’s the Treasury or the Internal Revenue Service’s fault, know the facts about it.
The child tax credit payments are made on the 15th of every month, from July to December. During the year, or the second half of the year to be more specific, you will receive a total of six child tax credit payments. Sometimes, these payments can get to your account a little later than anticipated, and the IRS or the Treasury is not the blame here.
Cause the payments are sent to over 30 million families and often, more bank accounts than this. Since there is a lot to process, financial institutions like banks can have a hard time.
Now, you might think it’s the same for the tax season when tax refunds are sent, but you’d be wrong. When the IRS issues tax refunds, they are done at a gradual pace rather than all in. After all, not every taxpayer files their tax returns at the same date and expects a refund around a similar time. Some file their tax returns at the start of the tax season; some wait for a little. Due to this, it’s normal to get confused but know that your advance payment of the child tax credit you anticipate to claim is going to show up in your bank account in 5 business days, at max.
How to get your tax CTC payment fast?
There isn’t really anything you can do as the transactions involve banks. If the process is slow, there isn’t much you can do but wait for the funds to arrive at your bank account. Some banks do have faster payment processing times than others, though. It’s best to contact your bank to ask about possible delays.
When you open up a bank account, ask them about these, as it can be crucial to have the funds in your account as soon as possible.
How much is the CTC advance payment?
For every month after July, you’ll receive $250 per child aged 6 and 18. The monthly payment is increased to $350 per child under the age of 6. This is due to the total credit amount being $600 more for children under 6.