Today is the 15th which means eligible households that have children are receiving their first monthly child tax credit payment.
With that being said, many are noticing that the deposit amount does not match the amount they should have received.
The Child Tax Credit Payment is $250 per child 6-17 and $300 per child 5 years of age and under.
So, if you have 3 kids under 5, you get $900.
But what if you notice a much larger payment or one that just doesn’t seem to add up?
Well, many people are reporting receiving direct deposit payments from the IRS that are not their child tax credit payments.
Turns out, these payments are part of the 4 million refunds for 2020 unemployment benefit overpayments.
The Internal Revenue Service says it has issued another round of refunds to 4 million taxpayers. The average check will come in at $1,265.
The refunds are a result of the American Rescue Plan Act which excluded $10,200 in unemployment insurance from taxable income for certain individuals, but many affected people had already filed their taxes.
Electronic payments will be made on July 14, with paper checks going out two days later, the IRS says. Which explains why many are seeing these payments hit their bank accounts today.
The IRS says they will continue these payments through the summer.
Photos courtesy of Deposit Photos.