$1400 Stimulus Check Update [February 11 2021]
NEW 3rd stimulus checks and stimulus package update for today, Thursday Feb 11th on the upcoming $1400 stimulus check for the American People. We all discuss the new child tax credit amounts, unemployment, and more!
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"More information is being released this week on the $1400 stimulus checks. You will receive $1400 for every qualified dependant. Qualified dependents include children, adult dependents, and college students.
Income limits remain unchanged at 75,000 for individuals, $122,500 for the head of household, and 150,000 for couples. One major update is that the stimulus check eligibility will be based on your 2020 tax returns. However, suppose you don't send in your 2020 tax return in time; in this case, The IRS will automatically default to your 2019 tax returns.
If your income was too high in 2019 to qualify, but you will be eligible based on your 2020 tax return, you should file as soon as possible. That way, you don't have to claim your stimulus check amount on your tax return a year from now. If your income went up in 2020 to a point where you will be disqualified to receive the $1400 check, you should consider filing later.
Like with the first stimulus check and second stimulus checks, phase-out will begin after the set income limits (Here it's $75,000 for individuals, $112,500 for a head of household, and $150,000 for couples). If you make about those limits in your category, the check amount you get will scale down evenly until we reach $100,000 for individuals, $150,000 for the head of household, and $200,000 for couples. If you make above those amounts, you will get $0 for stimulus. If you make a number between the quantities in your category (For example, between $75,000 and $100,000 for individuals), you'll get anywhere from $1400 to $0 depending on your income.
The IRS is planning to send out checks for the child tax credits. Let me explain; this is where it can get a little confusing. This is not related directly to the $1400 stimulus check. Typically, there is a child tax credit of $2000 per child, but now if this passes. There will be a $3000 credit for children ages 6-17 and a $3600 credit for children under six years ago. It's important to note that these child tax credit benefits will phase out at the same thresholds as the $1400 stimulus checks ($75k for individuals, 112,500 for the head of household, and $150k for couples).
The IRS plans to give you this money, not when you file taxes but instead divide the amount you receive by 12 and send you a check per month starting in July. This means for children ages 6-17; you'd get a check for $250 per month ($3000 per month divided by 12 is $250). You'd get a $300 check per month for children under the age of 6. ($3,600 divided by 12 is $300)
Also, there is child care or dependent tax credit. This is separate from the child tax credits we just discussed. $4000 for one child. $8000 for two or more children, but you must have at least 8,000 in child care expenses for the $4000 tax credit and $16,000 in child care expenses for the $8,000 tax credit to qualify.
On top of that, a $400 unemployment boost may get extended through the end of September.
There are many amendments taking place between the republicans and democrats, so we'll see where we stand in the coming weeks. It doesn't make sense to go through all of them right now because they are still being negotiated.
Democrats continue to fight for a $15 minimum wage increase, which is getting push back. Ultimately, all of the Democrats in the Senate need to vote yes for the stimulus bill to pass.
I hope you found these updates helpful please drop a like and subscribe. Thank you so much for watching; enjoy the rest of your day!"