The IRS distributed $15 billion in August to families with 61 million children, according to the tax agency. That money came in the form of child tax credit payments — the monthly series of checks that give parents a few hundred dollars per eligible child that they have. And another of those new child tax credit checks is just one week away.
This will be the third such payment as part of the six-check series that started on July 15. It will start showing up in bank accounts to direct deposit recipients on Wednesday, September 15. And as was the case with the previous two payments, recipients who get the check in paper form will need to wait a few extra days for it to arrive in their mailbox.
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New child tax credit check coming next week
As a reminder, these payments combine to form one half of the overall child tax credit. A benefit that will be completed next year when families also get a companion tax credit.
In order to be eligible for this benefit, a family must have at least one eligible child. And the child or children must fall into one of two age brackets. Either under the age of six, or no older than age 17.
Next week’s stimulus payment will bring the same amount of money that recipients got last time. For every child between the ages of six through 17, each of the six monthly checks will include $250. The amount is $300/month for each child under age six.
There’s also one super-important change to be aware of for the September 15th checks.
Direct deposits turned into paper checks
Because of what the IRS blamed on a technical error, about 15% of families who got their first child tax credit check on July 15 as a direct deposit were sent a paper check, instead, for payment #2. That was on August 15. But the tax agency says this mistake is expected to be resolved with the payment that’s coming next week.
And after next week, there will be three child tax credit payments remaining. Those will come on October 15, November 15, and December 15.
After that, families are also scheduled to get the aforementioned child tax credit in 2022. The amount of that credit can be determined by adding up the six checks received between July and December of this year.
Visit the IRS Child Tax Credit Update Portal to check if you’re set up to receive a direct deposit or paper check next week.
Two other points to know
The IRS also recently shared a couple of other key points to know about the ongoing check distribution. One is that the tax agency will mail out a year-end summary (Letter 6419) that taxpayers should watch out for. If they received the child tax credit checks, that is.
Families will need to hang on to the letter. Because they’ll use it when filling out their 2021 federal income tax return next year. “This is important because, for most families, the advance payments they are receiving during 2021 cover only half of the total credit,” the IRS says. “They will claim the remaining portion on their 2021 tax return.”
