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$7M in child tax credits projected for NMI

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THE Department of Finance- Division of Revenue and  Taxation has issued approximately 70% of child tax credits it intended to release this week, Division Director Tracy Norita said  Thursday during a press briefing on KKMP radio.

She said the division had set a goal to issue around $7 million in the first batch of child tax credits, and has so far issued around 3,000 checks amounting to about $5.4 million.

She said the division hopes to release around $10 million in child tax credits, adding that this is a moving target.

"We continue to process all [tax] returns that claim refund from this credit," Norita said as she thanked taxpayers for their patience.

She added that the child tax refund is separate from the stimulus check or economic impact payment.

She said if taxpayers submitted their information through the stimulus portal, they were consenting to a  direct deposit of their stimulus check.

Consent for the child tax refund and the regular tax refund is given on the taxpayer's 1040CM form.

The form includes a portion where the taxpayer would designate a bank account for the direct depositing of their refund, else they receive a check in the mail instead.

Norita said Revenue & Taxation has noticed that there has been an increase in error flags for the child tax credit, in comparison to other refunds.

She said tax returns for those who do not receive their child tax refund during the dissemination of this first batch may still be processing.

Additional reviews and audits are underway due to the multiple changes in the number of dependents for a single taxpayer, Norita said.

The audit team of the division flags these particular cases and contacts the taxpayer in question to verify pertinent information.

Once issues on their tax returns are resolved, taxpayers who have not received their payments yet will be added to the batch of payments to be issued.

These refunds require certification and transfer of funds by the Internal Revenue Service, which may cause delays, she added, noting that the global Covid-19 pandemic causes further delay.

"We are trying to get these funds out as soon as possible…. We're just trying to be patient all around. Once we get the money, we release it as soon as we can," Norita said.

 

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