The new stimulus check will arrive in the bank accounts before this week ends, especially before the 15th of October. This was made possible by the American Rescue Plan which was signed and approved by President Biden in March. This plan sent forward a $1,400 stimulus check to the Americans. This was the third check that was sent to the people.
More Stimulus Check Is On The Way
There are more payments that will come to the people, coming Friday.
The money arriving in their accounts is part of the federal Child Tax Credit. The ARP expanded the tax credit to $3,600 for children under 6 years old and up to $3k for children between 6 and 17 years old.
The first half of the tax credit is being delivered in monthly installments between July and December 2021. The payment arriving on October 15th is the fourth payment. There are 2 more payments coming up on the 15th of November and the 15th of December.
The monthly payment for children under 6 years old is $300. For children between 6 and 17 years old, the payment is $250. This money is dedicated to each child in your family.
The new stimulus check will have an income threshold, as usual.
Single filers cannot make more than $75,000 in a year in AGI to receive this payment.
For couples, their income has to be less than $150,000 to get the full payment.
The first phaseout reduces the Child Tax Credit by $50 for each $1,000 (or fraction thereof) by which your modified AGI exceeds the income threshold described above that is applicable to you.