" \\r\\n<br><div id=\\"RegularArticle-ArticleBody-5\\" data-module=\\"ArticleBody\\" data-test=\\"articleBody-2\\" data-analytics=\\"RegularArticle-articleBody-5-2\\"><span class=\\"HighlightShare-hidden\\" style=\\"top:0;left:0\\"\\\/><div class=\\"InlineImage-imageEmbed\\" id=\\"ArticleBody-InlineImage-106926846\\" data-test=\\"InlineImage\\"><div class=\\"InlineImage-wrapper\\"><div><p>Tom Werner | DigitalVision | Getty Images<\\\/p><\\\/div><\\\/div><\\\/div><div class=\\"group\\"><p>More households got a monthly payment of the child tax credit in August, reaching an additional 1.6 million kids relative to July, the Treasury Department and IRS said Friday.<\\\/p><p>The IRS disbursed $15 billion to families in the second round of payments, issued Friday to households with about 61 million total children, according to the agencies' announcement.<\\\/p><p>The federal government began sending the funds \\u2014 up to <a href=\\"https:\\\/\\\/www.cnbc.com\\\/2021\\\/07\\\/25\\\/parents-cheer-the-first-of-six-advance-child-tax-credit-payments.html\\">$250 or $300 a month per child<\\\/a>, depending on their age \\u2014 on July 15.<\\\/p><p><strong>More from Personal Finance:<\\\/strong><br\\\/><a href=\\"https:\\\/\\\/www.cnbc.com\\\/2021\\\/08\\\/13\\\/covid-vaccine-mandates-jump-in-new-job-posts.html\\">Covid vaccine mandates in job listings jump by 34%<\\\/a><br\\\/><a href=\\"https:\\\/\\\/www.cnbc.com\\\/2021\\\/08\\\/13\\\/us-supreme-court-strikes-down-part-of-new-yorks-eviction-ban-.html\\">U.S. Supreme Court strikes down part of New York's eviction ban<\\\/a><br\\\/><a href=\\"https:\\\/\\\/www.cnbc.com\\\/2021\\\/08\\\/13\\\/avoid-these-mistakes-with-your-emergency-savings-account-.html\\">Avoid these mistakes with your emergency savings account<\\\/a><\\\/p><p>However, about 15% of families who received a direct deposit in July will instead get a paper check in the mail for their August payment due to a \\"technical issue,\\" according to the announcement. The Treasury and IRS expect that problem to be resolved by the time the next payments are issued Sept. 15.<\\\/p><p>Families can visit the <a href=\\"https:\\\/\\\/www.irs.gov\\\/credits-deductions\\\/child-tax-credit-update-portal\\" target=\\"_blank\\" rel=\\"noopener\\">Child Tax Credit Update Portal<\\\/a> to see if they're receiving a direct deposit or paper check in August.<\\\/p><p>The monthly payments are an advance on half the portion of a family's annual child tax credit. Households can opt out of receiving monthly payments and instead get their full credit during the 2022 tax season.<\\\/p><p>There are many reasons more families are getting a monthly payment in August than July, according to a Treasury official.<\\\/p><\\\/div><div class=\\"group\\"><p>Additional tax returns have been processed, and more families who don't typically file a tax return signed up for payments through a new IRS online portal, according to the official. The IRS also continues to improve its payment files and identify new families eligible for funds, the official said.<\\\/p><p>Around 4 million children in low-income families are <a href=\\"https:\\\/\\\/www.cnbc.com\\\/2021\\\/07\\\/29\\\/4-million-kids-at-risk-of-missing-monthly-child-tax-credit-payments.html\\">at risk of not getting payments<\\\/a> of the expanded tax credit this year, due largely to limited data the federal government has on these individuals, according to a report published last month by the Center on Budget and Policy Priorities.<\\\/p><p>The monthly installments were created by the American Rescue Plan. The pandemic relief law also raised the total annual credit amount for qualifying families \\u2013 up to $3,600 for children younger than age 6 and $3,000 for those between 6 and 17. (That amount is up from $2,000.)<\\\/p><p>The credit is also fully refundable and more low-income families are also eligible.<\\\/p><p>The enhancements are temporary and will end after this year unless Congress extends the timeline. Senate Democrats' $3.5 trillion budget framework, which passed this week on a party-line vote, would extend the enhanced credit but didn't specify a duration.<\\\/p><\\\/div><\\\/div>\\r\\n<br><a href=\\"https:\\\/\\\/www.cnbc.com\\\/2021\\\/08\\\/13\\\/-irs-treasury-send-15-billion-in-child-tax-credit-payments-to-families.html\\">Source link <\\\/a>"