Money Matters: increase in Child Tax Credit and tool to track stimulus check

(KRDO) -- In addition to the arrival of stimulus checks, more families can expect to see an increase in their Child Tax Credit. This will be a major benefit for those struggling with the economic impact of the pandemic.

An estimated 93% of children will benefit from the expanded credit. It's expected to lift more than 4 million out of poverty.

The IRS is also updating the Get My Payment tool on its website. That will allow people eligible for stimulus payments to track when and how that money will arrive.

When you use the tool, you'll get one of three messages.

• A payment has been processed
• A payment date is available
• A payment date is not yet available

It might also tell you a payment status is not available because the IRS hasn't processed your payment, or you're not eligible for a payment.

The IRS might also require more information if the postal service was unable to deliver it.

If you get that message, you can use the online tool to give the IRS your bank account information.

To use the Get My Payment tool, click here.