The U.S. government has been working to provide stimulus money to Americans during the coronavirus pandemic. In fact, some families received up to $ 35,100 while others may have received even more.
There is actually no set maximum amount for economic stimulus payments for families, as it depends on the family size. To understand how and why some people received so much government aid, let’s take a look at a family with five children and two parents.
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This is why some Americans got so much stimulus money
Washington, DC lawmakers passed several coronavirus relief bills that provided stimulus money. This was done in the form of stimulus checks, which were cash payments made by direct deposit into Bank accounts or sent by post. And parents also received grants in the form of an extended child tax credit.
The three Stimulus checks contain the following:
- CARES Payments: US $ 1,200 per adult and US $ 500 for dependent children under the age of 17
- December 2020 Stimulus Payments: $ 600 per adult and $ 600 per dependent child under 17
- American Rescue Plan Act Payments: $ 1,400 per adult and $ 1,400 per dependent, including adult family members
And the expanded child tax credit resulted in payments of:
- $ 3,600 per Eligible Child under 6 years of age
- $ 3,000 per Eligible Child 6-17 years of age
So the number of children you have directly determines the amount you will receive – so there is no set maximum limit. Parents with five children would receive more than parents with two children, who would receive more than childless.
As an example, let’s take a family with two parents and five children, including two children under six and three children over six:
- Each adult would get a total of $ 3,200, so with two adults in the family they would get $ 6,400. This comes from the three stimulus checks
- Each child receives $ 2,500. With five children, that’s $ 12,500 in stimulus checks
- Each child under the age of six would receive $ 3,600 from the Extended Child Tax Credit, so with two children under the age of six they would receive $ 7,200
- Each child over the age of six would receive $ 3,000 from the Extended Child Tax Credit, so if there were three children over the age of six they would receive $ 9,000
The total amount is $ 35,100. This assumes that the family has an income below the threshold at which payments expire. These thresholds are $ 75,000 for single taxpayers and $ 150,000 for married joint taxpayers.
Well, some of that money hasn’t been delivered yet, as parents are depositing $ 250 or $ 300 in their bank accounts every month from July through December 2021 for the expanded child tax credit. But that only makes up half of the credit. You have to claim the rest in your tax return.
As you can see, large families received a lot of help from Uncle Sam during the coronavirus crisis. You can also see how to calculate how much your family has received in total based on the size of your own family and the number of eligible adults and dependents you have.