Stimulus Update: You May Have 2 More Checks Coming This Year. Here's When They'll Arrive

A parent standing in the front yard of their house with their young child sitting on their shoulders.

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Watch your bank account on these key dates.

Key points

  • The expanded Child Tax Credit provides monthly payments for eligible families with children through the end of the year.
  • The final two monthly Child Tax Credit payments will arrive on Nov. 15 and Dec. 15 of this year.

If you are a parent, you are most likely not done receiving stimulus payments in 2021. In fact, there are two more payments on the way to you before the end of the calendar year.

These payments were authorized by the American Rescue Plan Act, which is the same legislation signed by President Joe Biden in March of 2021 that authorized the $1,200 stimulus checks that were delivered to all eligible Americans earlier this year.

Parents will be getting these two additional payments because the American Rescue Plan Act expanded the Child Tax Credit and changed the way in which these payments are delivered. Here's what you need to know about the coming money -- and when it will hit your bank account.

Parents can expect more checks on these dates

Although parents have long been entitled to a Child Tax Credit, it was previously worth $2,000 per child at most -- and only $1,400 of it was refundable. That meant the only people who got the full credit were those who had a tax liability of at least $2,000 since the tax credit couldn't reduce your tax balance below $0. The credit was also claimed when filing your taxes, so it didn't provide much help throughout the year.

Now, the expanded Child Tax Credit is delivered on a monthly basis. And it's for a lot more money -- up to $3,600 per child under age 6 and $3,000 for kids ages 6-17. The full amount is refundable, so even parents with limited tax burdens can get the money. The payments for the expanded credit started getting deposited into people's bank accounts on July 15 and eligible families received the money already for July, August, September, and October.

The expanded Child Tax Credit payments will continue through the end of 2021. And, together, all of these monthly deposits will deliver half the credit this year, with the rest claimable when you file your 2021 tax return in 2022. The expanded Child Tax Credit is currently scheduled to continue only for this year, but lawmakers are trying to extend it so there's a chance that monthly payments will continue next year if this happens.

Regardless of whether any legislative changes occur, parents will be getting two more deposits this year if they are eligible based on income and they haven't opted out. If you already received monthly payments, this applies to you. Those next two payments will be delivered on:

  • Nov. 15, 2021
  • Dec. 15, 2021

The IRS will deposit your money into the bank account you have on file on these dates, which should be the same bank account your earlier payments came to. If you haven't provided your bank details, a check should come in the mail shortly after these dates.

Watch your bank account carefully for these deposits, as they are the last two stimulus payments you are likely to get in 2021 -- and are potentially the last relief payments related to the COVID-19 pandemic you will ever receive.

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