One last round of stimulus checks await millions of Americans before the end of 2021. A batch was issued on Nov. 15, but another one will be sent out on Dec. 15.
This year's six stimulus checks, which began in July, were a new approach to the health-care crisis. The funds were part of a $1.9 trillion stimulus package passed by Congress in March. That bill increased the standard amount of the Child Tax Credit, among other things.
Families will receive a tax credit when they file their federal tax forms.
A bigger tax credit for eligible households when they filed their taxes in 2022 would have sufficed if this had been a typical year. The tax credit is arranged in such a way that Americans receive half of it in cash up front. It was also spaced out over several months.
The first thing you should know if you have received a deposit into your IRS bank account is that it is not a fourth stimulus payment from the federal government. In fact, it's a "plus-up" payment. It's money owed to you from the third stimulus check, not a fourth stimulus check.