Many people are expecting the fifth payment in the series of child tax credits that have been going out once per month since July.
The next stimulus check will go out Nov. 15, this upcoming Monday.
This is the second to last payment, the final one can be expected on Dec. 15.
Related: Do I need to pay back my child tax credits to the IRS even if it’s untaxed?
These payments are part of President Joe Biden’s American Rescue Plan which was passed in March of 2021. The American Rescue Plan also sent eligible Americans stimulus checks for $1,400, which was as untaxed and did not need to be filed as income.
How much a parent gets depends on the ages of their children. Children under age 6 get $300 per month, and children ages 6-17 get $250 per month. The payments are sent over a 6 month span.
Does the amount go down depending on my income?
Yes. The child tax credit, which is boosted to up to $3,600 this year, caps off and reduces to $2,000 if you make $150,000 married filing jointly, $112,500 filing as head of household, or make $75,000 filing single.
Related: The next stimulus payment is only 5 days away, make sure you’re ready to get your $300 child tax credit next week
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