Before the end of the year, here’s who will receive a $1,000 stimulus check.

Before the end of the year, some families will receive a significant increase in stimulus funds. Most Americans received $1,400 in direct payments from the American Rescue Plan after Congress approved two other payments. Unemployment benefits have been depleted, most recently by $300. With a series of tax credit adjustments, it also placed money in people’s pockets.

The extension of the federal child tax credit was one of the reforms in the American Rescue Plan. The first half of this credit is being paid in advance till the end of the year by the government. The first two installments have already been mailed.

Here’s how we arrived at the figure of $1,000. The enhanced child tax credit has four more payments: September 15, October 15, November 15, and December 15. If a household has a child under the age of 17, the least amount of money they will receive is $250.

So, $250 divided by four payments is $1,000.

If your family qualifies, that’s the basic minimum. This tax credit is for each child. In addition, if you have younger children, the quantity of money required increases.

If you make a particular amount of money, the payments will begin to phase out. The IRS claims that:

If your adjusted AGI exceeds: in 2021, the Kid Tax Credit is decreased to $2,000 per child.

If you’re married and filing a joint return or if you’re a qualifying widow or widower, you can claim $150,000; if you’re a single filer or married and filing a separate return, you can claim $112,500; and if you’re a head of household, you can claim $75,000.

The first phase of the phaseout reduces the Child Tax Credit by $50 for every $1,000 (or part thereof) that your updated AGI exceeds the applicable income threshold.

Furthermore, this is only the beginning of the tax credit. When you file your taxes in 2022, the second half will be paid in one lump sum.

By the way, these payments are not taxable, according to the IRS.