It’s only been a week since tens of millions of eligible families started receiving child tax credit payments and the IRS has already issued a warning about scammers.
“While millions of American families started receiving the advance Child Tax Credit payments last week, criminals were already looking for innovative tactics to take advantage of unwitting victims,” the tax agency cautioned on Wednesday. “Taxpayers should be on the lookout for a variety of phone, e-mail, text message and social media scams targeting families eligible for the credit.”
The agency warned families to be on the lookout for criminals who ask you by phone, email, text or social media to verify information so that you can get your payments. The IRS does not initiate contact through these channels to request personal or financial information. The agency also does not leave pre-recorded phone calls and will never ask taxpayers to send money via wire transfer, gift card or cryptocurrency, Fox Business reports.
The expanded child tax credit is $3,600 for the 2021 tax year for children under the age of 6 and $3,000 for children between the ages of 6 and 17. Half of these payments are being sent out monthly through December, while the other half can be claimed while filing your 2021 income tax return.
The IRS uses your 2019 and 2020 tax return information to automatically enroll families for advanced payments; additional action is not required. Earlier this month, the IRS released its child tax credit update portal, which lets you check to see if you’re eligible, change information or opt-out of the advanced monthly payments.
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Last updated: July 22, 2021
This article originally appeared on GOBankingRates.com: Check Your Bank Account: Scammers Are Trying To Steal Your Child Tax Credit