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While for many, the money from stimulus checks seems to have dried up since the last major one went out in March, there have still been opportunities for Americans to get some financial aid from Uncle Sam. There is cash available to help qualified Americans struggling to pay their mortgage, pay their rent, or tend to dependents, plus there are other checks going out to teachers, grocery store employees and other workers. However there is a new stimulus check hitting accounts this Friday that will benefit millions of people.
It's the latest monthly advance payment of the Federal Child Tax Credit. Like the similar checks before it that went out in July, August, and September, eligible families will receive up to $300 for every child under the age of six, and up to $250 for each kid ages six to 17. They will also get the same amount in November and December, and possibly even longer. The White House recently stated that they want the benefit around for "years and years to come."
The checks will go in full to single parents making up to $75,000 a year, heads of households earning up to $112,500, and joint filers making up to $150,000 a year. Recipients will also get a tax credit next year - $1,500 for each kid six to 17, and $1,800 for each child under six. Be on the lookout for a year-end summary from the IRS. It's known as Letter 6419 and according to the IRS, could be needed to claim that tax credit on the 2021 tax return.
You can get an idea of how much you'll be getting from the Federal Child Tax Credit with this online calculator, and you can learn more about the payments here.