4 million children may miss out on $13 billion in Child Tax Credit funds

The enhanced Child Tax Credit is getting billing as one of the most effective strategies in recent years for combatting child poverty. But a new analysis estimates that as many as 4 million children, many from low-income households, could miss out on the payments. 

About 60 million children have already received the first payment, which was issued by the IRS on July 15, according to a new analysis from the left-leaning Center on Budget and Policy Priorities. But because the IRS is relying on tax returns to determine who qualifies for the credit and where to send the money, millions of families who don't typically file taxes could fall through the cracks, the analysis says.  Four million children could miss out on a total of $13 billion in benefits, the CBPP estimates. The enhanced Child Tax Credit expanded the credit's size to up to $3,600 per child, while also paying half of that sum through six monthly checks of up to $300 per child that would run from July through December. Several families have told CBS MoneyWatch that they plan to use the money for basics like child care, school supplies and clothing for their children.