Second installment of Advance Child Tax Credit Payments arrive on Friday, what happens after that?

Washington-DC

Money from the child tax credit advance could be a lifeline for many.
(Getty Images)

WASHINGTON, D.C. (BRPROUD) – So this might be one instance where Friday the 13th is not a bad thing.

It has been four weeks since the first Child Tax Credit payments went out to the public.

On Friday, August 13, the next batch of tax credit payments are going to hit bank accounts nationwide.

So what happens after this second child tax credit payment?

The next payment is scheduled to go out on September 15.

How much can you expect to receive on your next Advance Child Tax Credit Payment?

The IRS answers that question below:

  • For each of your qualifying children age 5 or younger, generally you will receive $300. That is determined by dividing $3,600 in half, which is $1,800. Six monthly payments of $300 will provide you with $1,800.
  • For each of your qualifying children ages 6 to 17, generally you will receive $250. That is determined by dividing $3,000 in half, which is $1,500. Six monthly payments of $250 will provide you with $1,500.

If you have any other questions about the Child Tax Credit and Advance Child Tax Credit Payments, the IRS has you covered here.

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