On July 15, 2021, the federal government transferred the first of several new IRS stimulus checks to qualified families as part of an expansion of the federal child tax credit.
The new wave of stimulus checks sent out Thursday totaled roughly $15 billion, with approximately 86% of payments distributed to recipients electronically via direct deposit. Anyone eligible to receive one of these new checks and who did not receive it on Thursday, July 15, will likely need to wait a few more days as payment may be on its way in the form of a paper check in the mail.
According to the American Rescue Plan:
- Each payment is up to $300 per month for each child under age 6 and up to $250 per month for each child ages 6 through 17.
- Normally, anyone who receives a payment this month will also receive a payment each month for the rest of 2021 unless they unenroll.
- Besides the July 15 payment, payment dates are:
- August 13
- September 15
- October 15
- November 15
- December 15
What you should know:
- Families will see the direct deposit payments in their accounts starting July 15. For those receiving payment by paper check, they will need to plan for a few extra days for the check to arrive by mail.
- Payments went to eligible families who filed 2019 or 2020 income tax returns.
- Tax returns processed by June 28 are reflected in these payments. This includes people who don’t typically file a return, but during 2020 successfully registered for Economic Impact Payments using the IRS Non-Filers tool or in 2021 successfully used the Non-filer Sign-up Tool for Advance CTC, also on IRS.gov.
- Payments are automatic. Aside from filing a tax return, including a simplified return from the Non-Filer Sign-Up tool, families do not have to do anything if they are eligible to receive monthly payments.