Deals~

 

How much will you get and when?

President Biden just signed the latest relief package.

Congress passed a third $1.9 Trillion Stimulus Bill to help address the economic crisis caused by the coronavirus pandemic and with hopes, you’ll spend money and help the economy! Americans can expect a direct deposit cash payment directly to their bank accounts as early as this weekend. Most individuals can expect $1400 per adult and $1400 per child.

Make less than $75,000 per year?

If you make $75,000 or less as an individual or less than $150,000 a year as a couple you will get money. Individuals are eligible for up to $1400 and couples would receive up to $2800 — plus $1400 per dependent child. A family of four (2 adults 2 kids) can expect $5,600.

NEW – Kids over 17 who are claimed as dependents on their parent’s taxes are ALSO included this time around (they weren’t in previous stimulus packages)!! This is a big change for those people with expensive college-aged students that they claim as dependents!

Make MORE than $75,000 per year?

Unfortunately, if you earn more than $80,000 per year or $160,000 as a couple you will get nothing under this package – no matter how many children you have. If you make between $76,000-79,000 the amount goes does about $280 per $1000. So if you make $77,000 you’ll only get $840.

How do they know my income?

Your Income is based on 2019 or 2020 tax returns (whichever you did last).

How do they know where to send my money?

The IRS will send you a direct deposit to your bank account that you have on file with the IRS for your tax payments or refunds. If you don’t have a bank account on file they will mail you a check or prepaid debit card.

When can I expect the money?

They hope to begin distributing cash quickly.- as early as this weekend! The money is not all sent out at once so it will take several weeks to distribute all of the cash.

Child Tax Credit Changes

There is a significant increase in child tax credits in this bill as well. Families with kids under 6 would receive up to $3,600 per child and families with children aged 17 and under would receive a credit of $3,000 per child. Parents with kids ages 17-18 can claim $500 as well as full-time college students between the ages of 19 and 24. There is still new information coming out about this but it appears that the money will be divided into two payments, one in the summer and another towards the end of the year. The income brackets above ($75,000, or $150,000 per couple) apply to this tax credit as well.

For more information on what the U.S. is doing to help its citizens during the Coronavirus, you can read official information here.