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Wednesday is September 15 and that means that it is time for another stimulus check. This one will be the third monthly advance payment of the Federal Child Tax Credit and, like the ones before it, it will be distributed to millions of Americans.
Previously, similar checks went out in July and August to eligible households, with families receiving up to $300 for every child under the age of six, and up to $250 for each kid ages six to 17. They will get the same amount this month as well as in October, November and December. There is also potential for the payments to go into next year and beyond. The White House recently stated that they want the benefit around for "years and years to come."
The payments are part of the expansion of the Federal Child Tax Credit that was included in President Biden's American Rescue Plan. The checks will go in full to single parents making up to $75,000 a year, heads of households earning up to $112,500, and joint filers making up to $150,000 a year. Recipients will also get a tax credit next year - $1,500 for each kid six to 17, and $1,800 for each child under six. Be on the lookout for a year-end summary from the IRS. It's known as Letter 6419 and according to the IRS, could be needed to claim that tax credit on the 2021 tax return.
You can get an idea of how much you'll be getting from the Federal Child Tax Credit with this online calculator, and you can learn more about the payments here.