Only days are left before the IRS will be doing something unprecedented for the agency in the era after the pandemic stimulus checks. The agency overseeing taxes, beginning from 15th July, will start issuing a series of stimulus checks which will be direct deposits. It will also recur every month.
Details Of The Family Stimulus Check
Millions of American families will be receiving either $300 or $250 as monthly stimulus checks for every eligible kid in their family. The IRS has also given a significant update about the new CTC payments in the past few days.
To recap, the payments that are coming will be six stimulus checks, paid each month. It will begin on 15th July and last till 15th December. An older IRS estimate suggests that about 36Mn American families qualify for the payments. This is not exactly another stimulus check, but the structure suggests it to be so.
In nature, this is one-half of the expanded Child Tax Credit being paid in advance. The expansion was included in the stimulus bill signed in March by Congress worth $1.9Tn. So now, families with kids below six can get a maximum of $3,600 for each kid. For older kids, the value will be $3000.
As such, the IRS has created an online portal for the payments. The latest stimulus checks will be paid and sent using what has been filed with the agency. So if your bank account details are not available, it will not be a direct deposit. This portal will let you easily include that if you want a direct deposit.
However, the changes will not reflect on the 15th July payments. But changes made prior to 2nd August will be applied to payments from the next month that is the 13th August payment. You can also choose to get a lump sum instead of the monthly checks on the portal.