We’re moving right along with the distribution of stimulus payments from the federal government this fall. The next stimulus check that’s part of a six-payment series is set to arrive less than one month from now.
That’s right, we’re almost exactly three weeks away from another stimulus payment — the latest in the series of child tax credit payments that are coming each month through December. The previous check in this series went out last week, and it sent a collectively $15 billion from the federal government to taxpayers. As a reminder, here’s what’s coming with this next check, and who’s going to get one.
Next stimulus check coming soon
First things first, when is this next check getting here?
October 15 is the official date when the next direct deposits will start showing up in bank accounts. And as with the previous installments in this series, anyone who opts to get a paper check will, of course, need to wait a couple of days after that for it to arrive in the mail.
What these six checks amount to is an advance, up-front payment of half of the federal child tax credit. Normally, an eligible family would get this benefit next year when they file their federal tax return. Because of the pandemic that’s still raging, though, Congress set up a mechanism for people to enjoy some of that benefit now. Congress also raised the maximum credit, from $2,000 to up to $3,600 for eligible parents.
Depending on whether parents have a child who’s younger than age six, or who’s between the ages of six and 17, those parents will either get $1,500 or $1,800 from this advance. And it’ll be spread out over six checks.
Other details to know
There are some additional key facts to know about these payments. They’re going to eligible families who filed a 2019 or 2020 federal income tax return.
Also, if families didn’t get one or two of the first checks, their future payments will apparently be a little higher. It’s so they can receive the full total amount by the end of the six-check series. And “payments are automatic,” the IRS adds. “Aside from filing a tax return, which could include filing a simplified return from the Non-filer Sign-up Tool, families don’t have to do anything if they are eligible to receive monthly payments.”
The second half of the full child tax credit will come in 2022. Families will get that benefit as normal when they file their federal income taxes with the IRS.
As of now, the monthly checks are set to expire in December. President Biden, however, is on record as supporting an extension of the child tax credit expansion. Next year is also a midterm election year, though. It remains to be seen if Congress is able to muster the political will to get this done before then.
