A second child credit payment from the IRS goes out Friday, providing some extra cash to millions of families across the U.S. as part of the expanded child tax credit.
Families will receive the payments a couple of days early since the 15th – when the payments should go out each month – falls on a Sunday in August. Parents can expect $300 per child under the age of six years old and $250 per child aged six to 17 years old.
The payments will continue through the end of the year, meaning the maximum for each child is up to $3,600 for each child under 6 and up to $3,000 per child between the ages 6 to 17.
The further official pay dates will be: Sept. 15, Oct. 15, Nov. 15 and Dec. 15
The tax credit will go to individuals earning $75,000 or less, married couples making $150,000 or less and a single parent filing as the head of household making up to $112,500. For instance, a family with a 10-year-old and a 4-year-old would be eligible for a credit of $6,600 if they earn less than $150,000.