Now that the sixth and final 2021 Child Tax Credit stimulus check is being sent to millions of recipients, here’s an update not to be overlooked. There’s actually another check after this one that the IRS will send out in the last weeks of 2021. We’re giving you all the details below so you don’t have to wonder “where’s my stimulus check” or when it will arrive.
The payments we’re referring to are the last so-called “gross-up” payments of the year. And they come at a pivotal time for the stimulus effort in the United States. The Biden administration’s efforts to extend monthly child tax credit payments through 2022, for example, are currently stalled in the Senate. Meanwhile, the results of a new investigation have been released and provide an important context for the payments - and what could happen if we do not continue them.
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Where’s my stimulus check?
The IRS describes them as “supplemental payments for individuals who ... received payments based on their 2019 tax returns, but are eligible for a new or larger payment based on their recently processed 2020 tax returns.”
The trigger for these to be sent is a big change in someone’s income picture revealed by their 2020 federal tax return. Increased payments could include a situation where a person’s income dropped in 2020 compared to 2019. Or if someone had a new child or dependent listed on their last tax return, among other situations.
As with most of the stimulus checks we’ve received this year, recipients don’t have to do anything to get one of the extra payments. Other than file a federal tax return for 2020 (which you were supposed to do anyway). The IRS automatically notes any triggering events and sends these checks accordingly.
Child tax credit investigation
Wednesday, meanwhile, marked the distribution of the final child tax credit payment. The IRS said Congress must pass President Biden’s $1.9 trillion spending plan, currently stalled in the Senate, by the end of the month so that the tax agency has time to prepare for new child tax credit checks on Jan. 15.
In related news, ParentsTogether, a national parent advocacy group with over 2 million members nationwide, released the results of a new survey of parents. Its findings, among others:
- When asked what would happen to their family’s finances if child tax credit payments stopped after this month? 50% of respondents said it would be harder for them to meet their family’s basic needs. And 36% said they could no longer meet their family’s basic needs.
- 1 in 3 respondents said that if the child tax credit checks stop, they cannot afford to eat enough.
- 76% of those surveyed said that the monthly checks made them less anxious about their finances.
- 81% of those surveyed said it was “extremely important” to their family that the checks continue this year. That’s up from 73% in September.
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