New monthly stimulus checks for families to start in July – here's how to track yours

AMERICAN working families are set to receive new monthly stimulus checks from July.

The payments, expected to be up to $3,600 per child for 2021, are part of Joe Biden's $1.9 trillion Covid relief package.

The money is the result of a temporary expansion of the child tax credit, the IRS said.

Commissioner Charles Rettig said monthly payments will begin in July and continue until the end of the year.

Under the law, families will receive a $3,000 annual benefit per child aged six to 17 and $3,600 per child under the age of six for the 2021 tax year.

Families which qualified for the latest $1,400 stimulus checks will also be eligible to receive the child credit cash.

The temporary change to the credit will provide families with up to $1,600 more per child that can be used for family expenses, debt, savings – or even investing.

In previous years, you could claim a credit of only up to $2,000 per child, and just $1,400 was refundable.

But as numerous American families look forward to the new checks, some are still waiting for their third stimulus payment.

If you have not received yours yet, you can use the Get My Payment tool to track it.

To get the status of your third check, you need to enter your Social Security number, date of birth, street address and ZIP code.

The tool will then display a message with information about your payment.

Get My Payment allows you to see whether your money was sent or is scheduled to be sent, the payment method and the date your stimulus money was issued.

According to the IRS FAQ for the 2021 payment, if you see a "Need More Information" message, it means your payment was returned because the US Postal Service wasn't able to deliver it.

If you see a message saying "Payment Status Not Available", you should not be alarmed as the IRS said the message shows until the payment is processed.

But the message could also mean you are not eligible for a stimulus check, so if you have any doubts, you should double-check the eligibility criteria.

    Source: Read Full Article