If you’re wondering why your advance child tax credit payment was smaller in October, a technical glitch first reported in September could be to blame. You can expect the glitch to impact your November and December payments, too.
This technical issue with September’s payment caused fewer than 2% of child tax credit recipients not to receive their payment on the scheduled payment date.
It happened to some taxpayers who recently updated their bank account or address in the IRS Child Tax Credit Update Portal. More specifically, it happened to married taxpayers filing jointly when only one spouse made a bank account or address change.
This caused payments to split into two, between the existing account or address and the new account or address.
In some of these cases, the split payment caused a delay and the payment was slightly higher than the correct amount. To correct this overpayment, the IRS said each spouse should expect to see a smaller payment in October, November and December.
Here’s the statement from the IRS regarding this split payment:
The typical overpayment was $31.25 per child between 6 and 17 years old and $37.50 per child under 6 years old. This will result in about a $10 to $13 reduction per child in the three remaining monthly payments.
The remaining payments are set for Nov. 15 and Dec. 15.