Even though there has been no movement toward additional stimulus payments in recent months, social media hoaxes abound claiming otherwise. To be clear, if you see a post online saying that a $2,500 payment is on the way or that a fourth stimulus check is on the way, it is a hoax. Don't be fooled.

The reality is that neither the Biden administration nor members of Congress have publicly stated that they are actively and seriously considering increasing direct payments to Americans; there are calls for a fourth stimulus package (and beyond), but it is unlikely to happen.

Not only has the fourth stimulus package not been implemented, but many states have refused to provide additional federal unemployment benefits.

The IRS has already distributed nearly all of the stimulus funds allocated by the "American Rescue Plan" announced by Biden in March. The current bill would make a third (and so far last) direct payment to eligible taxpayers totaling up to $1,400.

What remains now is the expanded child tax credit, also part of the American Rescue Plan. [Eligible families can receive up to $3,600 per child under age 6 ($300 per month in advance) and up to $3,000 per child ages 6-17 ($250 per month in advance).

The expanded deduction is phased out by $50 for each $1,000 of income for single taxpayers with income over $75,000 and married filers with income over $150,000.

For families with incomes above that, the regular child tax credit applies, providing up to $2,000 per eligible child as a single credit at the end of the year.

The first advance payment was made last week (July 15). Eligible families must either withdraw from the advance check by August 2 (and instead receive a deduction at the end of the year) or update their direct deposit information prior to the August 13 payment.