When to expect your second child tax credit payment

The child tax credit advances, which started last month, go out on the 15th day of every month from July to December, except when the 15th falls on a weekend. This month, the deposit hits on Friday, Aug. 13.

For one year, the $1.9 trillion American Rescue Plan passed in March increases the child tax credit from $2,000 to $3,000 per dependent ages 6 to 17; for children ages 5 or younger, the credit increases from $2,000 to $3,600 per dependent. Half of those advances can come through monthly payments this year: Eligible parents and guardians receive up to $300 per month this year for each child age 5 or under, or $250 per month for each child between the ages of 6 and 17.

Single filers whose modified adjusted gross income is less than $75,000 per year and couples filing jointly earning $150,000 or less per year can qualify for the full child tax credit for each of their dependents. Households earning above those levels last year will gradually see their payments phase out.

The rest of the monthly checks will go out on the following dates: Sept. 15, Oct. 15, Nov. 15, and Dec. 15.

The IRS still gives parents the option to opt out of the remaining monthly payouts. Those households would instead get the credit during tax season next year.