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Susan Tompor: You may be surprised by cuts in October child tax credit

Susan Tompor, Detroit Free Press on

Published in Business News

It's time to check the mailbox and bank account for extra cash from the October child tax credit that rolled out Friday.

Many parents saw the money hit their accounts as expected just like it arrived for the past three months.

But no, unfortunately, it looks like it won't be smooth sailing for everyone. As has happened in the past, some families are scratching their heads over some new quirky shortfalls for their payments.

Millions of eligible families are currently receiving up to $300 per month for each qualifying child ages 5 and younger and up to $250 per month for each child ages 6 to 17. The monthly payouts run from July through December.

The next round of payments will be Nov. 15 and Dec. 15.

Many families expected to receive the same dollar amount each month once the advance child tax credit payments began July 15. And many are receiving the same amount each month.

 

But some started noticing smaller payments for September and now they say they see small payments for October. Some are even getting less money in October than they did after a cut in the payment for September.

Some took to social media to say they received only half of their child tax credit money this month.

October's scary numbers

Sandy Harrison of Sheridan, Arizona, told me that the Internal Revenue Service information online indicated that she and her husband would receive roughly half of what they received at the start for their two children, ages 7 and 12.

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