We’re finally coming to the end of the release schedule for the string of child tax credit payments for 2021. That means there are only two more of these monthly stimulus check payments coming in 2021.
Stimulus checks have, of course, been one of the most extraordinary responses by the federal government to the economic pain associated with the coronavirus pandemic. To start off, the federal government simply mailed out checks for $1,200, then $600, and finally $1,400. Those checks transferred money directly from the government’s coffers to millions of Americans. This year, the onus shifted from one-off, direct emergency payments to child tax credit checks. Essentially, those are advance payments of a tax credit to eligible Americans, which is to say they represented another wealth transfer from Uncle Sam directly to Americans. In all, six of those checks were planned for this year. And now only two remain, with the penultimate check arriving on Monday.
Two child tax credit 2021 payments remaining
Working families with kids who have not received monthly #BidenChildTaxCredit deposits to help with costs likely missed stimulus cash that Dems delivered too. For 2 adults and 2 kids, that’s at least $13,400 so far.
These families can claim their benefit. https://t.co/0W6xGa8zRz
— Nancy Pelosi (@TeamPelosi) November 12, 2021
The fifth of six child tax credit payments will arrive on Monday, November 15. That’s the date when it’s scheduled to show up in recipient bank accounts. Anyone receiving the check by mail, however, will need to wait a few more days to give the check time to show up in your mailbox.
The vast majority of the payments, however, should come on Monday via direct deposit. Once again, this wave of payments will also no doubt transfer tens of billions of dollars to recipients, same as the previous four. Thus far, the IRS has sent out more than $61 billion to Americans through these checks.
The basics: Every recipient household that’s eligible has been approved for a single tax credit amount. Monday’s child tax credit payments are a reflection of the creative way that Congress structured this benefit. Half of the amount is coming as an up-front, advance payment (spread over six checks). Families will get the second half next year as a tax credit — when they file their federal tax return.
What else you need to know
For most people, these checks are set up to arrive automatically if they’re eligible. And if the IRS has their payment details, such as a bank account — or at least an address where paper checks can be mailed to.
If the household meets income requirements, the checks include up to $300 for each child in a household below age six. For each child between six and 17 years old, the amount is $250.
The final check is coming next month, on December 15. After that, as noted, families will still be getting the second half of the larger-than-normal child tax credit in 2022. Democrats in Congress and President Biden, meanwhile, are working to extend the monthly payments for another year. The vehicle for that is the massive reconciliation bill currently being held up in Congress.