Watch the video below to get all of the details about why I haven’t received my child tax credit payment.
Links Mentioned In This Video:
- Rich’s Video Explaining the Enhanced Child Tax Credit – https://teachingmillionaires.com/2021-child-tax-credits
- IRS Child Tax Credit portal – https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021
- Rich’s Video Explaining Why You Should Opt Out – https://teachingmillionaires.com/everything-you-need-to-know-about-why-you-should-opt-out-of-the-monthly-child-tax-credit
- SoFi Free Money Bank Account – Get $50 when you deposit $500 – https://teachingmillionaires.com/recommends/sofi-bank-account
- CIT Bank High-Interest Savings Builder Account – https://teachingmillionaires.com/recommends/cit-bank
If you haven’t received your child tax credit payments, you’re not alone. Over 36 million Americans are expecting these monthly payments, but over 15%. So we’re talking something like over 5 million Americans, aren’t getting the money that they’re expecting. So today I’m going to share with you what’s going on with the IRS where you can go to check to see if the money is actually on the way and what you can do. If it’s not coming, you’re not going to want to miss this.
So you heard right, many Americans are missing these monthly child tax credit payments. You were told that they would be deposited the last six months of the year. And based on the number of children you have, this could be hundreds or even thousands of dollars, but so many people are wondering where’s the money. Okay. And real quick, before we dive into some of these issues don’t forget to like this video, go ahead and tap that little thumbs up button. It really helps get the word out there. And I really appreciate it. So, thanks. Well, the IRS recently released a statement saying that they’re having some issues like internal system issues. And as a result, people who were expecting money, maybe you even got it like last month, aren’t going to be getting it this month in the same way. So just to be specific, for example, those of you that got like a direct deposit, that money didn’t show up and it’s not coming via direct deposit.
They said that they are fixing this issue. Maybe that it’s already fixed, but the people who are missing the money are going to receive a paper check. Now, of course, when they have to print out all these checks and mail them, the money is going to hopefully show up by the end of the month. However, if you remember in my first video where I kind of went over, how you could calculate how much you’re going to expect to be getting on these monthly payments, there is a portal that you can log into. It’s a IRS login and you can actually see the list of payments and how much money you should be getting. So I’ll leave a link down below in the description to that portal. And I think it’s a very good idea for you to log in and see if the money is coming.
If it’s coming via check, it will say like, here’s the amount and it’s coming via check. And if you are expecting direct deposit, yes, moving forward, because they already fixed this issue, you should be getting direct deposit. Now some of you might be like, shaking your head going. I, I haven’t gotten any money what’s going on. Well, they also screwed up the first couple of months of payments. And they said that if you’re owed money, that they are going to basically play catch up with themselves. So for example, this month you might be getting a partial payment for whatever was missing before. And then by the end of the month, they should deposit a second amount that hopefully makes you whole on these payments. However, remember that these payments are monthly and if they forget a payment or they didn’t have like the right address, whatever the case may be, they have said that they’re going to catch you up with remaining months.
Okay. And remember, one thing also that these tax credits there they’re nothing new. Typically you would be getting credit for having your kids and having these qualified dependents when you file your taxes at the end of the year, but something that’s different this time around is that they’re taking like half of this new credit and they’re going to give it to you in these monthly installments. And that’s why I wanted to address these issues and these problems, because in that portal, you should be getting the money. And based on the information the IRS has, for example, like when you filed your taxes in 2019 or 2020, there may be changes that you’re going to need to let them be aware of a few of those things that you can update are your number of dependents your, your bank account information. So you could get the direct deposit.
Also, if you had like a change of address, the portal is supposed to be able to allow you to update that. However I’ve been getting reports that it’s not exactly working yet. They said it was supposed to, it’s not. So again, I’ll check out that link down below in the description and just make sure that as this money is coming out monthly for the rest of the year, that your particular situation is accurate. And if it’s not, you can make corrections right in that portal. Oh, and speaking of that portal, some people are a little concerned about logging in with that id.me login because that’s like a private company, but you got to think of it like this, the IRS, they, they deal with, they deal with a lot of issues and being technical. Isn’t one of them. So they sort of outsource that.
So yes, it is safe. It’s encrypted. Or you could log in using the IRS account, it’s really up to you to decide, but I just wanted to address that one issue. And one more issue with these payments is that they are supposed to go out on the 15th of every single month. However, when the 15th falls on a weekend, they’re going to issue these payments. You know, like basically the Friday before. So again when you see money coming into your bank account and you’re like, what is all this for? Just remember that it is going to happen for the last, you know, six months of this calendar year and it’s for each dependent, it should be in the amount of right around 250 to $300. It just depends on the age of your qualified dependence, a couple of key takeaways, the child tax credits that started to be issued have been a bit of a mess for millions of Americans.
The money isn’t showing up is going to be redistributed in the form of a paper check, as opposed to direct deposit the portal that they said would be fully functional by the end of the month still isn’t working properly. And many of you have questions about what you can do. My best guidance is to go and calculate the amount of money based on the qualified dependence that you had on your tax return. Again, the kids that are a little bit younger, they’re going to get the $300 and then, you know, your older dependents, they’re going to get the two 50 and then log into that portal links down below in the description and see if the information that the IRS has for you is accurate. We’re talking your number of dependents. We’re talking to your bank account information, your address. You just want to make everything completely streamlined and crystal clear so that these monthly payments come in full and on time.
Also remember that you are able to opt out if you do not want this money, many people might be shaking their heads on why you wouldn’t want this money to come. But I did a whole video on that, that I’ll link up here. And just some food for thought, you may not want to take the money if you know that your situation has, has drastically changed. We’re talking, you know, the kids are getting older, maybe there’s a, you know, like a divorce or a separation. And if you’re going to owe any of this money back, you kind of don’t want to end up dealing with that. So just some food for thought. And again, you can check out that video, if it’s something you want to consider for those of you that are missing funds, just remember to be on the lookout, like in your mailbox for, for a check to come in the next couple of weeks.
And in the meantime, you may also see additional direct deposits. And they might be for auto mounts because they’re playing catch up for the months that they were missing, but they’re not going to do it all at one time. So again, you might calculate that proper amount, know what to like, for example, what you should be getting, but then you might see additional payments that are essentially the IRS playing catch up. Now, I also think it’s a very good idea that this money is coming towards the end of the year for many families. Think about like back to school time you know, all those supply lists are going to come home and, you know, kids might need everything from backpacks to new shoes and, you know, this money is meant to be used for whatever purposes you need. But just keep in mind that those like seasonal costs and expenses they’re coming, you know, like for example, you know, the, my little guys are gonna, you know, they have their first Halloween coming up, you know, we’re talking everything from school supplies to costumes, to holiday shopping.
This money is yours to use. It’s an advance of a tax credit. So use it in whatever way you think helps your family. Okay. Just one final reminder that any of the resources that I mentioned in this video, I will leave a link down below in the description to those, and also be sure to go check out my website. It is full of other resources money tips and things that could just help you develop this money mindset. And I really appreciate it when people go there. So thanks also, if you haven’t already please drop a little like down below for this video. And if you’re new to the channel, don’t forget to hit subscribe and ring that notification bell. All right. As always I’m Rich and until next time.