clock menu more-arrow no yes

Filed under:

You may not get another stimulus check. But you could get this new payment beginning next month

What to know about the upcoming child tax credit

IRS issued stimulus checks.
President Donald Trump’s name is seen on a stimulus check.
Eric Gay, Associated Press

There probably won’t be another round of stimulus checks for most Americans. However, some families may soon receive extra financial help one month from today.

Will you get more monthly payments?

People may soon receive payments from the expanded child tax credit, which will be sent out from July 15 through Dec. 15. According to CBS News, the American Rescue Act called for the Internal Revenue Service to send out monthly checks from July to December for parents who qualify.

  • In total, 36 million American families are expected to receive those payments, according to CBS News.
  • Families will receive $300 for every child they have who is under 6 years old and $250 for any child ages 6 to 17 years old, according to CBS News.

How to qualify for the child tax credit payment

The IRS said there will be income thresholds for families who want to receive a check, per CNBC. The current thresholds are:

  • $75,000 for single parents
  • $112,500 for the head of the household
  • $150,000 for a married couple who file a joint return, or who qualify as a widow or widower.

Will you get a fourth stimulus check?

Probably not. Experts told CBS News there likely won’t be the fourth round of stimulus payments as the economy continues to recover.

  • “So far, experts say it’s unlikely that another round of checks will be approved by lawmakers anytime soon,” CBS News reported.

That said, more than 2 million people signed a new online petition on Change.org for stimulus check, so there’s a push for it.

And Vermont Sen. Bernie Sanders recently tweeted his support for another round of checks after the University of Michigan released results of a new analysis of stimulus checks that found the checks “resulted in lower rates of financial instability, food shortages and depression,” according to Yahoo Finance.