The latest stimulus checks — which were the latest installment of an advance payment of the child tax credit — were sent out about three weeks ago. But it’s almost that time again, believe it or not, for an all-new wave of checks to start hitting bank accounts. The next stimulus check will be here not this Friday, but the following Friday — October 15, to be specific. It’s the fourth in what will eventually be a six-check series of stimulus payments, a benefit that will ultimately send hundreds of dollars to families with eligible children.
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Next stimulus check ETA
The 15th of each month, through December, is supposed to be the date that each of these six checks is distributed from the IRS (either as a bank direct deposit or mailed as a paper check). This month, however, is the lone exception. Back in August, the direct deposits went out on Friday, August 13, because the 15th was a Sunday. That was also the date that paper checks will be put into the mail (they’ll take another couple of days or so to arrive at their destination, of course).
As for who will actually be receiving one of these next stimulus checks? By way of a quick recap, these are specifically for families with eligible children. The children, however many there are, must fall into one of two age brackets. If you’re a parent of a child or children under the age of six (or if yours are no older than age 17), you’ll probably receive one of these next checks. “Probably” being the operative word.
This IRS portal has the full list of eligibility details, including income requirements. Scroll down to the bottom of that page and click the blue “Check Your Eligibility” button to get started.
Additional details
Your child tax credit payment will be smaller if you make:
- $150,000 as a married couple filing a joint return (or if filing as a qualifying widow or widower);
- $112,500, if filing as head of household; or
- $75,000 if you’re a single filer or are married and filing a separate return.
As you definitely have realized by now, especially if you’ve been collecting your payments so far, each of your six monthly checks will total $250 for each child you have between ages six through 17. The amount is $300/month for each child under age six. And the next stimulus check dates, after August 13, are September 15, October 15, November 15, and December 15.
Here’s another important thing to remember. If you add up all six of those checks you receive, you’re also getting that amount again next year. Just as a single lump sum, instead. It will come in the form of a tax credit when you file your federal taxes in 2022.
What about 2022?
These are advance payments for what will come next year. A reminder that you are getting half so far. Whether you’re eligible for $3,600 or $3,000 of the child tax credit payments, you’ll get either $1,800 next year or $1,500. Also, if you have a baby in 2021, you’ll be eligible for a tax credit as well.
Any parent who welcomes a newborn child in 2021 likely qualifies for the temporarily expanded child tax credit. There is an income threshold, so it won’t be available to everyone. If you have a baby in December, you’ll be able to collect your expanded child tax credit upon filing your taxes in 2022. Regardless, you may be eligible to get more money from the government in the next year.
A fourth stimulus check
As it was announced a few weeks ago, there will be a fourth stimulus check. Whether or not you receive it will depend on what you do for a living. The funding for this came from the American Rescue Plan, which was $1.9 trillion legislation from earlier this year. The money is going to farmworkers, meatpacking workers, and grocery store employees. How it will get to them is unclear. US Agriculture Secretary Tom Vilsack has said as much, saying “they deserve recognition for their resilience.”
It won’t come from the federal government though. It will come from state agencies, tribal governments, and nonprofit organizations. We still are awaiting more information about this from the government. We will make sure to update you when we know more.
State residents can get money from the state
Remember, if you live in certain states, you are available to potentially get more money. California has begun sending out Golden State stimulus checks for $600. These are part of a $100 billion relief initiative. Round one of the checks went out at the end of August.
In Michigan, if you are a teacher who worked in the school in the year, you have gotten money. They have sent out $3,000 to teachers who worked in a school. Other teachers and support staff received $500. Tennessee and Georgia followed suit with that, providing $1,000 to full-time teachers and administrators and $500 to part-time teachers.
Vermont, New Mexico, Maryland, and Florida have also given out extra money to certain residents this year. Whether or not that will continue remains to be seen.
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