Monthly Stimulus Payments for Families to Start in July
Get ready for yet another round of stimulus payments – if you have kids.
According to Yahoo! Finance, working families will receive up to $3,600 per child this year as part of President Biden’s $1.9 trillion COVID relief package.
Those with children who received the recent $1,400 stimulus payments can expect to receive half of the amount through monthly payments of $250 for each child ages 6 to 17. Payments will be $300 per child under the age of 6.
Originally, IRS Commissioner Charles Rettig cautioned that the new checks could be delayed due to the tax agency being overwhelmed by the combination of the recent $1,400 stimulus payments and the fact that it’s tax season. However, he told Congress this week the payments would be issued on time. The payments are scheduled to go out from July through December.
The other half of your stimulus payment will be refunded when you file your 2021 taxes next year. In the past, you could claim a credit of as much as $2,000, with $1,400 being refundable. In 2021 the tax credit will be $3,600.
While this is definitely good news for families in need, I’m betting this will be the last coronavirus relief payment. With more and more people getting the COVID-19 vaccine, experts are optimistic that we’re over the hump and heading toward the end of the pandemic.
Let’s hope they’re right about that.