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Stimulus Payments

IRS

Stimulus Check Update: One More Stimulus Check Is On The Way

This month, October will see American families continuing to receive stimulus payments that are part of the expanded Federal Child Tax Credit, said a Fox News report.

Further to the American Rescue Plan signed into law by President Joe Biden back in March, this has been made possible. Accordingly, an amount of $15 billion per month would be delivered to families until the end of 2021.

Regarding how it is paid out, the Child Tax Credit is much different from the regular tax credit. It may be recalled that the American Rescue Plan had already ensured that the first half of the new credit monthly payments would be handed over to families between July and December of 2021.

Six payments in total

So that means the next payment could reach beneficiaries on October 15. This would be the 4th in a series of 6 payments altogether.

While most beneficiary families would automatically receive the money in their bank accounts, those who are mailed checks may have to wait as there could be a natural delay in mails reaching their destinations. But then that needn’t be a cause for worry.

Payments as per Age of the Child

The amount of money the families receive is calculated concerning the age of the child. The report added that the government had increased the credit to a maximum of $3,600 per child for kids under six years, while it would be $3,000 for children between 6 and 17 years old. When calculated as monthly payments, families would get their check for $300 for each child under six years old. The payment will be $250 for each child between the ages of 6 and 17 years old.

The government has also made provisions for those who don’t earn much to pay taxes. All they need to do is sign up for the Child Tax Credit, and if they are eligible, they will be mailed the money.