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The IRS made a mistake in paying the child tax credit for millions of families

The IRS skipped about $3.7 billion in child tax credit advances for eligible 4.1 million households, but will remit more than $1.1 billion to 1.5 million filers who were ineligible in 2021. did. audit The Treasury Department’s tax bureau chief announced on Tuesday.

But based on a review of a total of 178.9 million disbursements made between July and November 2021, agencies issued 98% of aid correctly, the report notes.

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The monthly payments, which TIGTA describes as “significant undertakings,” began in July 2021, four months after they were enacted by the U.S. Relief Plans Act in March.

In its official response to the report, the IRS will take corrective action in 2021 to block future payments to ineligible taxpayers and issue funds to millions of wrongfully excluded taxpayers. said he did.

Taxpayers who received payments in error had children who were too old to qualify, or in some cases were claimed on multiple tax returns. According to the IRSThe agency has sent a letter to assist with the settlement, explaining how it will handle overpayments when filing its 2021 tax returns. FAQ page.

However, some eligible filers I haven’t received my funds yetformer IRS Commissioner John Koskinen said at a panel at the Bipartisan Policy Center on Monday.

https://www.cnbc.com/2022/09/28/irs-erred-on-child-tax-credit-payments-for-millions-of-families-.html The IRS made a mistake in paying the child tax credit for millions of families

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