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Child tax credit update: Warning you may not get your $300 ‘stimulus check’ if you haven’t filed your taxes yet

AMERICANS eligible to receive expanded child tax credits under the America Rescue Plan are being warned they may not receive their check if they haven't filed their taxes.

The majority of US households have already received their first enhanced check after payments began being issued by the IRS on July 15.

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The first checks were sent out on July 15

Those payments covered around 60 million children, according to the government agency.

However, a report from the Center on Budget and Policy Priorities last week warned that up to 4 million children in low-income households might miss out on credit this year because IRS has no information to issue checks to those families.

With the next payment slated for August 15, action needs to be taken soon for any families who fall into this bracket.

HOW TO GET PAID

Ahead of the child tax credit rollout, the IRS launched a separate portal deliberately targeted at low-income families.

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Some low-income earners think that they are not eligible to claim child tax credits if they do not file a tax return.

You don’t have to file a tax return in America if you earn less than $12,200 a year as a single taxpayer or $24,400 as a married couple filing jointly.

Low-income earners just have to provide the IRS with their name, address, and social security number.

White House officials fear that some of America’s poorest families will miss out on child tax credit payments because they are reluctant to disclose information to the IRS.

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The non-filer application can only be completed in English raising concerns that native Spanish speakers in regions such as El Paso may miss out.

But, the IRS provided guidance in Spanish on the non-filer portal, according to El Paso Matters.

MISSING OUT

Meanwhile, others are worried that they will have to pay the cashback.

The child tax credit is an early payment of the estimated cash for 2021.

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This means that the money is heavily dependent on 2020 or 2019 income and household size.

Therefore, if either salary or household size has changed in the last two years, some parents could end up owing money when they file tax returns.

But, heads of households who make $50,000 or less, or joint filers with incomes of $60,000 will not need to repay an excess.

Families are reportedly concerned about making a mistake when they file.

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There will be an additional five payments worth up to $300 sent to cash-strapped families across America before the end of the year.

The next payment will be deposited on August 13 and should arrive in bank accounts within a few days.

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Families with kids up to the age of six can claim $300 per child.

Meanwhile, the amount is $250 per child for parents with kids aged six-17.

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Households can choose to opt-out of receiving monthly payments if they prefer to do so but details must be updated by August 2.

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