We are nearing the final stage of the first phase of payments of the enhanced CTC advance payments for this year. There are just 2 more monthly stimulus checks to go before the 1st phase of the payments end in December 2021.
The 3 rounds of stimulus checks have been an extraordinary measure by successive administrations to stem the economic desperation following the pandemic. The direct infusion of funds into the hands of American citizens had a stimulating effect on the economy and helped out people when they needed it the most, especially people who had lost their source of income during the pandemic.
In the second half of 2021, the burden shifted to support for children with the enhanced Child Tax Credit stimulus check payments. In essence, they are advance relief checks against a rebate for families with children and were normally payable or deductible against the 2021 income tax returns to be submitted in 2022.
The penultimate relief check of 50% of the CTC advance payment arrives this Monday if the payment is through direct deposit into bank accounts. For those who receive the stimulus check by mail, the wait could be longer and depends on the US Postal Service. The other 50% will be payable on submission of the income tax return for 2021 at the beginning of 2022.
Citizens Who Have Collected Monthly CTC Stimulus Check Are Eligible For The Total Amount
Nancy Pelosi has tweeted that families who have not collected any installment of the Child Tax Credit can claim the benefit of this relief check. a family with 2 children can get at least $13,400 if they haven’t claimed any amount so far.
The IRS has so far paid around $61B through the CTC relief check. These stimulus checks will be automatically credited to individual accounts or come in at a later date through paper stimulus checks. Be sure to update the latest details with the IRS.