You’re probably familiar with the $1.9 trillion stimulus law that includes a third stimulus check for up to $1,400 per person, a child tax credit for up to $3,600 per kid (how to calculate your child credit total) and several other tax breaks for people who are unemployed, low-income or have kids. But the American Rescue Plan Act also contains important updates and tax breaks for medical care and health insurance that could benefit your family.
Figuring out how much you could expect from the third stimulus check is hard enough, with new income limits and more dependents counting toward the payment this time. (And plus-up payments, if you’re due more.) The new child tax credit is even more confusing, which will calculate the payments based on your income and the age of your kids and then dividing payments up over the second half of 2021 and into 2022.
But it’s worth getting your arms around, as the expanded
The latest stimulus law includes benefits for millions of Americans, including a third stimulus check for up to $1,400 per person, an expandedchild tax credit (how to calculate your CTC total) and several other tax breaks for people who are unemployed, low-income or have kids. But the bill, along with some other IRS changes this year, also contains important updates and tax breaks for medical care and health insurance that could benefit your family.
While the IRS continues to send out fresh batches of stimulus checks of up to $1,400 each, a perk in the new $1.9 trillion COVID relief bill is set to bring thousands of dollars to families with children. Along with savings for medical costs, and extra unemployment checks, households with dependent children can expect even more money from changes to the child tax credit. Over time, it could potentially bring in more than the stimulus checks, with CTC payments
A third batch of $1,400 stimulus checks has been sent, which this time includes “plus-up” payments for people who are eligible for more money now that their 2020 tax returns have been processed.
The latest payments bring the total number of checks issued to more than 130 million, representing a total of about $335 billion, according to the IRS.
The third batch included more than 4 million payments worth more than $10 billion. Those payments had an official payment date of March 31, but could have been received earlier, according to the tax agency.
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