Stimulus Update: The Last 2021 Stimulus Check Is on the Way Tomorrow

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Will you see more money in your bank account tomorrow?

Key points

  • Parents have received monthly stimulus payments since June.
  • The last payment of the year will be delivered tomorrow.
  • Parents should take action if they didn't get all their stimulus money.

In 2021, millions of Americans were entitled to generous stimulus aid from the government.

President Joe Biden signed the American Rescue Plan Act back in March, which provided $1,400 stimulus payments to adults and eligible dependents. The act also expanded the existing Child Tax Credit and changed the way in which payments are delivered, allowing eligible families to receive them on a monthly basis.

Tomorrow, the last of those payments will be delivered for the year. Here's what you should know about the final check of 2021, as well as what you should do if you didn't get any of the stimulus money that you should have received this year.

Eligible parents will get money in their bank accounts on Dec. 15

The existing Child Tax Credit payment prior to the American Rescue Plan Act was worth $2,000 per eligible child but only $1,400 of the credit was refundable, meaning those with less than $2,000 in annual tax liability didn't necessarily receive the full amount.

The funds also came to parents only after they filed tax returns and claimed their credit, which means it was a once-yearly payment. And some people didn't actually get money back, but instead the credit simply reduced their tax bill.

The American Rescue Plan Act expanded the credit to $3,600 per eligible child under age 6 and $3,000 for children aged 6 to 17. The IRS also began delivering part of the credit at a rate of $250 or $300 per month beginning in June.

These payments were already deposited into bank accounts on or around the 15th of the month in June, July, August, September, October, and November for those who gave the IRS their bank details. Now, the last payment will be made in December.

If the IRS has your bank information on file, you should get the money you're due tomorrow. This will be your last payment of the year. And, after you receive it, half of your expanded credit will be delivered. You can claim the remaining half when you file your 2021 tax return in 2022.

Now, it is possible that the expanded Child Tax Credit will continue for another year as this is part of the Build Back Better legislation that was recently passed by the House, which Biden and leading Democrats aim to pass and sign into law. But if Congress doesn't act, the monthly payments will stop and the December payment will be the last most families get.

What if you missed out on stimulus money?

If you were entitled to the $1,400 stimulus payments or to the expanded Child Tax Credit but you did not receive them, you'll want to take action in 2022. Specifically, you can claim the money you didn't receive by filing a 2021 tax return once the IRS begins accepting them sometime at the end of January next year.

You may have missed out on money you were owed if you didn't file a recent tax return or if you added new dependents to your family in 2021 that the IRS didn't know about. Be sure that you claim all of the stimulus funds available to you, as it is unlikely lawmakers will provide any more coronavirus relief in 2022.

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