Families who don’t file tax returns can now register for the monthly Child Tax Credit (CTC) payments through the Internal Revenue Service’s online portal. The tool allows Americans to provide information on themselves and their qualifying children along with entering their direct deposit information where those monthly deposits can be made. Eligible individuals who didn’t file their 2019 or 2020 tax returns or didn’t use the IRS Non-filers tool for stimulus checks should use the tool.
Month: June 2021
Expanded Child Tax Credit:
The Internal Revenue Service said Monday it has begun sending letters to more than 36 million families likely eligible to receive payments starting in July under the newly expanded Child Tax Credit—one of the major antipoverty initiatives in President Biden’s stimulus plan—and announced the dates those payments are expected to hit bank accounts.
The IRS refunds delayed!
If you’ve not received your income tax refund from the IRS yet, you’re not alone. This year, the IRS is experiencing more refund delays than normal for several reasons — from sending out weekly batches of stimulus payments to recalculating taxes paid on unemployment benefits. Because of the pandemic, the IRS ran at limited capacity in 2020, which put a strain on its ability to process tax returns and send out stimulus checks. The IRS is now open again and processing mail, tax returns, payments, refunds and correspondence, the agency said, but the pandemic continues to cause delays in some services. The IRS said it’s issuing most refunds in less than 21 days right now but some are taking longer, including for mailed paper tax returns. The IRS said it’s also taking longer than 21 days to issue refunds for some 2020 tax returns that require review, such as determining recovery rebate credit amounts for the first and second stimulus checks or figuring earned income tax credit and additional child tax credit amounts.