American Rescue Plan Act

What is the American Rescue Plan Act?

The American Rescue Plan Act (ARPA) provided a third round of stimulus checks to help people impacted by the pandemic recession. It includes direct financial relief for Americans including:

  • A $1,400 stimulus check for Americans earning up to $75,000 a year (up to $150,000 a year if married).
  • An additional $1,400 for each dependent claimed on your taxes.
  • An expanded federal Child Tax Credit of $3,000 for children ages 6 to 17 and $3,600 for children under age 6. This amount will be paid in installments of up to $300 a month for at least one year beginning as soon as July.
  • An expanded federal Earned Income Tax Credit (EITC)

Do I qualify for the federal child tax credit?

The American Rescue Plan act made changes to the credit for 2021.

You qualify for the federal child tax credit if you have a child, your child has a Social Security number, and you made less than $200,000 a year ($400,000 if married and filing jointly).

  • If your child is under 6, you qualify for a tax credit of up to $3600.
  • If your child is between 6 and 17, you  qualify for a tax credit of up to $3,000.
  • If you earn over $75,000 a year ($150,000 if married and filing jointly), you will receive a smaller credit of $2,000 per child.
  • Parents who have no income also qualify.

If you received a stimulus check in 2021, you’ll get Letter 6475 from the IRS.  You will need this letter when filing your taxes. To learn more visit https://www.irs.gov/coronavirus/get-my-payment

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