Apparently, the new child tax credit has a few more perks than usual for your stimulus check — and only applicable for 2021.
According to Kiplinger, this year’s version of the tax credit is called the Child and Dependent Care Credit for 2021 — an expanded section under President Biden’s American Rescue Plan Act of 2021.
BGR reports, “if you have two or more eligible dependents…that means a working family that meets the income requirements could get an additional stimulus payment up to $8,000 as a tax credit. Again, for this year only.”
https://twitter.com/pointspointers/status/1276220477527203841
The source mentions that the tax credit can get you up to half of the $8,000 of “qualified expenses.”
This would include “child care and similar costs for a child under 13, a spouse, or parent who cannot care for themselves, or another dependent so that you can work (and up to $16,000 of expenses for two or more dependents).”
To put it plainly, this particular tax credit applies to the household for both children and other dependents who aren’t able to care for themselves. However, your gross family income can’t exceed $125,000 for this to apply.
But as mentioned, according to Kiplinger, these changes are most likely temporary for now. Yet, the source also notes that Biden is seeking to make them permanent — which can absolutely take time.
