Whats in for the third stimulus and Child Care Credit
To stimulate the economy all individuals including the disabled and veteran(s) should start seeing a third stimulus soon, alongside receiving a stimulus according to the new signed package families will start receiving child care credits in the near future.
Here's what to expect from the stimulus payments which will officially start arriving into bank accounts cleared from a pending status on Wednesday 3/17/21. Based on your income from either the 2019 or 2020 tax year here is what individuals should expect:
- Majority of the payments will be direct deposited while others are being mailed in the form of a check or card.
- Individuals who has an AGI up to $75,000 and (Married filing Joint earning 150,000 or less) will receive $1,400 each per person including dependents, Ex: A family of 4 will receive $5,600
- Individuals whom AGI is over $100,000 per year and couples earning over $200,000 will start to see their stimulus payment begin to phase out.
Individuals can check the status of his/her payment status by clicking the link https://sa.www4.irs.gov/irfof-wmsp/login and entering the correct information as listed on the tax return per taxpayer.
CHILD CARE CREDITS OVERVIEW - Single individuals making less than 75,000 - Couples making less than $150,000 Child care tax credit $300 per child every month - 6 and under Child care tax credit $250 per child - over the age of 6 years old. - Other child care benefits will come in the form of voucher(s) for daycare and should be used at licensed childcare facilities. These payments are scheduled to start arriving in the month of July or September of 2021.
This bill will cut child poverty by 50% and whether an individual is employed or not he/ she will receive credits as well, however, it's being said that parents are no longer alone with providing for their children.