More cash from the federal government is set to arrive in millions of families’ mailboxes and bank accounts as soon as Friday, with the arrival of the next stimulus payment from the IRS.
The reason? This will be the second of ultimately six checks the tax agency sends out through the end of this year. Six checks, that is, which are essentially all tied together. This is another portion of the expanded federal child tax credit, which was made possible by the $1.9 trillion stimulus law Congress passed in March. If you’re eligible to receive this next stimulus payment — which should appear in bank accounts Friday but will need a couple more days to arrive in the mail if you get a paper check — you should have also gotten the first of these six checks last month. This series of payments started on July 15.
In this post, we’ll take a closer look at what’s coming, again, with this new stimulus check scheduled for Friday (August 13). Plus who will get one of these new checks, and how big those checks will be.
Next stimulus payment coming Friday
In terms of eligibility, this new check, like last time, is specifically for families with children. And 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 keyword.
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 learn more.
Even if you have a child or children who fall into one of those age brackets above, you can still fall outside of the eligibility requirements for the full payment if your income is too high. You’ll get the full payment, for example, if your household income is at or less than:
- $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.
How much money is coming
This next stimulus payment will also bring the same amount of money that recipients got last time. For every child between the ages of six through 17, each of the six monthly checks will include $250. The amount is $300/month for each child under age six.
A couple of additional important points to remember:
If you add up all six of those checks you receive, you will also get 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.
Meanwhile, the next stimulus check dates are September 15, October 15, November 15, and December 15.Today's Top Deal Luxurious bed sheets with 100,000 5-star Amazon reviews start at just $22 in this amazing sale! List Price:$27.99 Price:$22.39 You Save:$5.60 (20%) Available from Amazon, BGR may receive a commission Available from Amazon BGR may receive a commission