Most eligible Americans have now received the third stimulus check, but unfortunately that funding may not have been enough to offset the financial hardship caused by the pandemic. Chances are you’ll be standing in line for more money soon, however: the IRS says you could get cash in July if you meet a certain requirement. Read on to find out if you are eligible for this future payment, and for more news, you need to know: If you get an email from the IRS with these three words, don’t click on it.

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The IRS will send out a new child tax credit starting July, IRS Commissioner Charles Rettig confirmed during an April 13 hearing with the Senate Finance Committee. With this tax credit, parents are entitled to more money from the IRS under the American Rescue Plan, which has been legally signed by the President Joe Biden March. “We assume that we will start in July,” said Rettig at the hearing. If you’re interested in learning more about future payments, your chances of a fourth stimulus check may depend on that one thing.

Couples use a laptop to pay bills online, manage budgets, and prepare tax documents.  You are in the kitchen of your house.iStock

Rettig also confirmed that the IRS plans to introduce this “monthly payment” tax credit. According to Rettig, the agency plans to open an online portal on July 1, via which the tax credit for children can be sent to families monthly instead of a flat rate at tax time. Families can also notify the IRS of changes to their budgets in 2021 or decline these monthly payments.

“It will be as user-friendly as possible,” said Rettig. People without internet access can use paper forms or visit an IRS office to work out the credit, he added. If you’re waiting for a stimulus review, read this information before filing your taxes.

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If you have children and earn less than $ 75,000 (or $ 150,000 for a married couple filing together), you are eligible for a full child tax credit of at least $ 3,000. According to CNBC, families will receive annual credit of $ 3,000 per child ages 6-17 and $ 3,600 per child for children under 6 in 2021. This will be in monthly payments of $ 250 or $ 300 from July through December Split USD and Remaining Payments Half of the credit can be claimed in 2022 when filing the 2021 income tax return.

Individuals earning more than $ 95,000 but less than $ 200,000 per year ($ 170,000 but less than $ 400,000 for joint applicants) will continue to be eligible for the normal child tax credit, which is $ 2,000 per child under 17 years of age. Individuals earning between $ 75,000 and $ 95,000 ($ 150,000 to $ 170,000 if filed together) will continue to receive the additional child loan, but in smaller amounts that expire as income increases. If you’d like to receive more useful information straight to your inbox, subscribe to our daily newsletter.

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Eligible families with children must file a 2020 tax return to receive credit, Rettig said. If a family doesn’t file a return for 2020, the IRS won’t have enough information they need – such as how many children there are and where to send the loan – to deliver the money. The IRS extended the tax return from April 15 to May 17 this year, giving you even more time to file. And for more tax advice, this common mistake could delay your tax refund this year, says IRS.