Wondering whether the federal government will start sending out more stimulus checks soon? We have a definite answer to your question, and a specific date to share, as well — bottom line, circle July 15 on your calendar, because, yes, that’s when an all-new round of stimulus checks is set to begin arriving in taxpayers’ bank accounts. Only, these checks will be a lot different than the three direct payments (for $1,200, $600, and $1,400) that came before.
Here’s the big difference: Whereas those three payments we just mentioned were one-offs, this new wave of stimulus checks will be recurring, with the IRS distributing them once a month, around the 15th of each month, through the end of this year.
This all stems from the sprawling $1.9 trillion coronavirus relief bill that President Biden signed into law in early March, part of the still ongoing efforts by the federal government to address the fallout from the coronavirus pandemic. Among the benefits for ordinary Americans included in that legislative package is an expansion of the federal tax credit to as much as $3,600, whereas it previously amounted to $2,000 over the course of a year. These amounts are per child, by the way, and what’s interesting about the payments is the potential base of recipients herein — we’re talking about families, so there’s a huge population of people who can get these payments. And, instead of being one-time payments, families will be able to plan for them to arrive once a month. Sort of like getting a raise, only from Uncle Sam instead of their employer.
Here’s how eligibility for the expanded federal child tax credit payments actually breaks down: Married couples earning $150,000 in total or less, or individuals making $75,000 or less, will get $250 for each child between the ages of 6 and 17 from July through December, for a total of $1,500 (6 months x $250). They’ll also get $300 for each child under the age of 6. The balance of the $3,600 will come as a tax credit next year.
Here are a few more additional important points from the IRS about these upcoming payments:
- Around 39 million households, covering some 88% of all children living in the US, are expected to start receiving these new stimulus checks.
- Those households generally won’t have to do anything proactively to start receiving the payments.
- According to the IRS: “Households covering more than 65 million children will receive the monthly (child tax credit) payments through direct deposit, paper check, or debit cards, and IRS and Treasury are committed to maximizing the use of direct deposit to ensure fast and secure delivery. While most taxpayers will not be required to take any action to receive their payments, Treasury and the IRS will continue outreach efforts with partner organizations over the coming months to make more families aware of their eligibility.”
