Tens of millions of families will receive another stimulus check on Wednesday, December 15, which will likely be the last of the year. This is the sixth check and the last in a series of six monthly child tax credit payment checks that began in July. And we’ve got all the details in this article about what’s to come, why it’s important – plus some thoughts on what’s next.
To begin with, we should note how tomorrow’s stimulus check draws a line under what was arguably the most dramatic federal response to the financial pain associated with the COVID-19 pandemic. Namely: the government basically said, here we are just going to give people billions of dollars. Maybe that will stop some of the metaphorical bleeding. As a result? Tens of millions of Americans received more than half a dozen stimulus checks during that year.
Where is my child tax credit
What about what’s coming on Wednesday? It’s a continuation of the same checks, to most of the same people, from the past five months. We say “most” because for a minority of recipients, the December payment will actually be the first. And will be taller than everyone else.
Let’s start with this second group of people.
Recipients who registered late for child tax credit checks, through Nov. 15, receive the equivalent of six months of checks in one disproportionate payment. Typically, this works out to either $ 1,500 (for each child aged 6 to 17) or $ 1,800 per eligible child under age 6. Everyone else got that money spread over six checks. Which works out to $ 250 or $ 300 per child each month.
Those two groups of people who get a check tomorrow? Here are a few other things they should know –
If that includes you, you’ll also get a journeyman tax credit next year. This credit will add up to exactly the same amount you got this year, in the form of stimulus checks. To that end, the IRS will soon be mailing a letter to recipients of the child tax credit. You will need to refer to it when preparing your next federal income tax return and make sure all the details match.
More checks in 2022?
For now, January 15 will be the first mid-month date since last June where no stimulus checks are forthcoming.
President Biden is pushing a $ 1.9 trillion spending bill that has already passed in the House of Representatives. It includes, among other things, a 12-month extension of child tax credit audits. But this bill is currently languishing in the Democratic-controlled Senate, where a few Democratic resistance fighters (primarily Joe Manchin from West Virginia) are demanding huge changes to the bill.
Here is the date to watch: December 28.
The IRS told Congress that Biden’s bill, including the extension of the CTC, must be passed on that date for the monthly checks to continue on Jan.15, without disruption.
We’ll have to wait and see if Congress approves the measure as is. In which case, fewer families will receive the checks in 2022. This is because the income requirements have changed. Only married taxpayers earning less than $ 150,000 together and heads of households earning less than $ 112,500 would get them next year in the current language.