Some American parents looking forward to expecting their thirdThis week he says that he is not getting the money as expected.
The emergency relief approved by Congress earlier this year to help millions of families suffering the economic consequences of a pandemic was sent Wednesday to 35 million families, the IRS said. Some people receive their checks by mail, but it may take days or weeks for them to reach the mailbox, or they may be deposited directly into your bank account within a few days.
However, the issue is worrying for some parents, who said that they had earlier received the due payments in July and August, but have not received September yet. escort. More than a dozen parents contacted CBS Moneywatch and called it delayed.
“I thought I could count on it as much as my dad gets a monthly Social Security check,” said Tessy Harp, 38, a home phlebotomist in Banks, Oregon. I did week for two children aged 12 and 14. “I created an invoice and adjusted my budget in anticipation of that money.”
Under this program, parents of children under 6 receive $300 per child per month, and parents with children ages 6 to 17 receive $250 per child.
Harp said he bought his daughter’s shoes last weekend and went to the movies with his son. This is because she and her husband were expecting additional cash from CTC payments to cover their budget. But yesterday the payment did not come.
“Now my bank is being debited,” she told CBS Money Watch. “It’s really disappointing.”
The IRS said it was investigating “reports of people who did not receive payments,” but did not explain why some parents did not receive deposits on Wednesday.
In August, about 15% of recipients who received CTC funds in direct deposit in July flagged a “technical issue” in that they would receive a paper check in August. Paper checks usually take longer to receive to the parent, as mail system delivery can take days or weeks.
Jackson Hewitt’s chief tax intelligence officer, Mark Stewer, said the September delay was unlikely to be a major issue. He suggested that parents keep checking their bank accounts, as it may take a day or two for the money to arrive. You can also check the Child Tax Credit Renewal Portal to ensure that your information, such as your bank account data, is correct.
Journalist Chris Walker, 37, of Madison, Wisconsin, pays CBS MoneyWatch a $250 child tax credit for his 13-year-old son to land in his account with direct deposit on Sept. He said he was expecting. I called the IRS for details and was told it might be a glitch. Walker said it could take up to five business days for the bug to be fixed, and that delayed funding “will make things a little harder around the house.”
reducing child poverty
The latest payments mark the midpoint of direct cash aid, with three months remaining under a plan signed by President Joe Biden through the US rescue program. The CTC is not a new tax credit, but the American rescue plan has expanded the CTC to increase low-income taxpayers and pay half of the tax credit on six-month checks.
The IRS faces delays in not only paying certain COVID-19 relief funds, but also confirming that all eligible people will receive payments. Earlier this year, millions of Social Security recipients, for example.
According to experts, so far monthly CTC checks have helped reduce poverty and hunger in families with children. For example, an analysis of census data by the Senate Joint Economic Committee found that the proportion of families with children who occasionally or often could not eat well fell from 11% to 8.4% after the first checks arrived. Done. .. According to the JEC report, checks are often used for food and education, with 7 out of 10 households investing in goods, services or repayment of loans.
Some Democrats are pushing to extend the CTC program to 2025, but it is unclear whether the effort will be successful. Some proponents expect that the expanded aid tax with the effect of reducing child poverty will become a permanent feature of the law.