On July 15 You Need to Run the Bank (More 'Stimulus Checks' Arrive)

Ethen Kim Lieser

Child Tax Credit,

Widely seen as a smaller version of recurring coronavirus stimulus checks till the end of the year, these potentially sizeable credits will head out to nearly forty million families starting on July 15.

Here's What You Need to Remember: Also, be aware that another part of Biden’s legislation is seeking to help out parents and guardians who pay out of pocket for child care services. These individuals can now collect those related expenses in the form of tax credits of $8,000 for one child and up to $16,000 for two or more children.

The Internal Revenue Service has announced the official dates of when eligible Americans can get their hands on the expanded child tax credits under President Joe Biden’s American Rescue Plan.

Widely seen as a smaller version of recurring coronavirus stimulus checks till the end of the year, these potentially sizeable credits will head out to nearly forty million families starting on July 15. Then the following payments are slated to be made on August 13, September 15, October 15, November 15, and December 15.

According to the IRS, the payments will be made either by direct deposit or by paper check sent via USPS.

It was Biden’s $1.9 trillion stimulus bill that enabled the expansion of child tax credits that generally allowed families to claim a credit of up to $2,000 for children under the age of seventeen. But now, these credits have been extended to even more families—allowing them to collect as much as $3,600 per year for a child under the age of six and up to $3,000 for children between ages six and seventeen. The total figures amount to a $250 or $300 cash payment each month.

“The American Rescue Plan is delivering critical tax relief to middle class and hard-pressed working families with children. … About 90 percent of families with children will get this new tax relief automatically, starting in July,” Biden said in a statement.

“For working families with children, this tax cut sends a clear message: help is here,” he added.

If Biden’s nearly $2 trillion American Families Plan ever gets Congress approval, these benefits will continue for four more years—through 2025.

“Congress must pass the American Families Plan to ensure that working families will be able to count on this relief for years to come,” Biden said.

The IRS has also confirmed that child tax credit portals will eventually be launched by July 1, which can be used to update and adjust personal financial information and any changes to child dependents.

“Later this year, individuals and families will also be able to go to IRS.gov and use a Child Tax Credit Update Portal to notify IRS of changes in their income, filing status, or number of qualifying children; update their direct deposit information; and make other changes to ensure they are receiving the right amount as quickly as possible,” the agency stated.

Also, be aware that another part of Biden’s legislation is seeking to help out parents and guardians who pay out of pocket for child care services. These individuals can now collect those related expenses in the form of tax credits of $8,000 for one child and up to $16,000 for two or more children.

Ethen Kim Lieser is a Minneapolis-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn. This article first appeared earlier this year.

Image: Reuters