Author: Brittanie Pyper

Now that the stimulus package has passed and everyone is awaiting their stimulus check, there is another set of questions on the mind…

What about the monthly cash payments for parents?

As you may know, when the House passed The American Rescue Plan, it included the extension of the child tax credit in the relief legislation.

The relief legislation expands the child tax credit to $3,000 annually per child aged 6-17 and to $3,600 for kids under 6 for single parents earning less than $75,000 annually, $112,500 for head of households, and $150,000 for married couples.

The current child tax credit is $2,000 per child under 17 for single parents or heads of household earning less than $200,000 or married couples making less than $400,000 annually so, benefits have increased quite a bit.

So, to know if you qualify, you want to look at your AGI (adjusted gross income) on your most recent tax filing status. Either 2019 or 2020 (although it almost entirely time to file 2020).

If you are under the income guidelines above, you will receive the full benefits.

So, how exactly will this work?

Well, nobody knows with 100% certainty.

Rumors have been that if the Treasury Department decides to disburse those payments monthly, it would provide a guaranteed income for families.

This would be in the form of $300 monthly checks per child under 6 and $250 monthly checks per child between 6 and 17 from July to December.

Parents who qualify would be able to collect the other half of the child tax credit when they file their taxes in 2021.

This means, if you have children ages 2, 6, and 10. You will qualify for $9,600 total.

If payments begin in July, that would mean, from July to December, you’d receive monthly payments of $800 ($300 for the 2 year old, $250 each for the 6 and 10 year old).

The other half would then be a tax credit on your 2021 taxes.

So, while we don’t know fully how they intend to do it, we do know it’s coming to help parents who could really use the support right now.

In case you didn’t hear, the IRS announced the $1,400 stimulus checks would begin going out this weekend. In fact, I can already see mine pending.

Now that people are beginning to receive their $1,400 stimulus checks, you might be wondering where yours is.

Well, there will soon be an easy way to track your check.

As of right now, the best course of action is to watch your bank account. The same one used last time for your last stimulus check.

Mine was pending as of yesterday with a deposit dates of March 17, 2021. However, if it’s anything like last time, I will get it much sooner than that.

Now, if your banking info has changed since then, you’ll need to wait until the IRS opens their tool to where you can input your new banking info.

Soon the IRS will bring us an online tool, called the “Get My Payment” application, and it will make tracking your stimulus check much easier.

With this online application, you will be able to:

* Check your payment status
* Confirm your payment type: direct deposit or check
* Enter your bank account information for direct deposit if we don’t have  your direct deposit information and we haven’t sent your payment yet

IRS Website

As of right now the tool is unavailable but should be up and running any day now so make sure you bookmark the site and check it often.

Until then just check your bank account or keep your eye out on your mail (if that is how you received your stimulus check last time).

You simply go to the IRS.gov website, and click on the application button. It really couldn’t be any easier.

We know that eligible taxpayers will get $1,400 per person and $1,400 for each qualifying dependent. That means a family of 5, would receive $7,000.

The first batch of payments were deposited as of last night. So keep your eye out!

Surprise! Surprise!

In case you didn’t hear, President Biden has already signed The American Rescue Plan into law.

Yes, that came one day sooner than originally planned but he didn’t want to waste any time.

But that isn’t even the best news — because he signed it into law an entire day earlier, White House press secretary Jen Psaki announced that stimulus checks will begin hitting banks accounts this weekend.

That is way earlier than originally planned which was planned towards the end of the month.

She said that the checks will begin to hit bank accounts this weekend for those who have their direct deposit info on hand at Treasury and the IRS.

Now, if you are not sure if the IRS has your bank info, if you’ve filed your 2019 or 2020 taxes, they do.

The check will be deposited to the same account you use for your tax refund.

If they don’t happen to have your bank info or your bank has changed, you will need to wait to receive your stimulus check via email.

It’ll come in either a check or debit card form so don’t throw away any mail even if it looks like junk.

So, keep an eye on your bank accounts this weekend because you might just receive your $1,400 stimulus!

And if you are wondering how much you’ll get, use this Stimulus Check Calculator Here.