The IRS is just days away from updating the stimulus check status for some 36 million families who’ve been waiting on a new payment to arrive. Two days away, in fact, since the tax agency is set to begin sending out the new stimulus checks on Thursday. And it will continue doing so once a month, through the end of this year.
On July 15, millions of Americans are getting the first of six new stimulus checks. One that’s actually an advance payment of a tax credit. That makes this next one a little different from the three separate stimulus checks they’ve received so far since the onset of the coronavirus pandemic. That said, here’s everything you need to know about how much is coming, and when.
Stimulus check status – how much you’re getting
The $1.9 trillion stimulus law that President Biden signed in March made these new stimulus checks possible. It expanded the federal child tax credit, among other things. Which will now give families with children under age six up to $3,600 per child.
For kids between the ages of six and 17, the amount is $3,000 for each child.
How all this will work: Families will get half of their designated amount next year, as a tax credit. The rest will be spread out across six monthly checks, between this month and December.
Generally, these new monthly checks will be for either $250 or $300, per eligible child. So, for example, let’s say a two-parent household has one 5-year-old daughter. The new child tax credit will give them $1,800 (half of the full $3,600 benefit) next year, after they’ve filed their federal taxes. They’ll get the other half in the form of the six monthly stimulus payments. Those will be for $300 each (6 x $300 = $1,800).
Other details to know
As far as when these six payments will arrive, that will happen on the 15th of each month, starting Thursday. The one exception is August, since the 15th falls on a Sunday next month. That means recipients will get their second of these six new checks on Friday, August 13.
That IRS portal, meanwhile, also lets you easily make changes right there on the site that will impact your stimulus check status. For example, by updating your bank account details right there.
These new payments will either come as paper checks or electronic direct deposits. If the IRS doesn’t have your bank account on file yet, your payment Thursday will come as a paper check. If you add a bank account before August 2, it will apply to the August 13 payments. As well as to the remaining stimulus check payments after that one.