This is Who Qualifies for Over $3,000 in Stimulus Cash in 2021

When the American bailout plan went into effect in mid-March 2021, many people were excited by the idea that a $ 1,400 stimulus payment would be theirs Bank accounts. But some Americans are on the verge of raising more than $ 1,400 in stimulus funds. Find out if you qualify for stimulus funds over $ 3,000 here.

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Who gets a higher payday?

While the final round of stimulus checks was $ 1,400 per person, those checks aren’t the only financial relief the American Rescue Plan provides. The Discharge Act improved that too Child tax credit so that parents are entitled to more money. The income tax credit, a credit for low-income households, has also been expanded.

Between those $ 1,400 checks and the two loans, stands the average household, which is among the bottom 60% of earners in the U.S., totaling $ 3,450 in economic funds this year, according to the Institute on Taxation and Economic Policy ready. That means households with incomes of $ 111,300 or less will receive an average business stimulus payment of more than $ 3,000 when we factor in tax credits.

But that doesn’t mean that high earners also do badly on the economic front. Households with incomes of $ 111,300 to $ 247,400 will receive an average of $ 2,830 this year.

You may not receive your full payment immediately

If your income is $ 111,300 or less, but you haven’t received nearly $ 3,000 in total in stimulus funds, there is a good reason for it. Part of this money comes in the form of the newly expanded child tax deduction.

Previously, the child tax credit was worth up to $ 2,000 per child under the age of 17. Today it’s up to $ 3,600 per child under 6, up to $ 3,000 for children 6-17 years old, and up to $ 500 for dependents age 18 and full-time students age 24 and under whose parents they are claim as dependent for tax purposes.

Usually the child tax credit is paid as a one-time, lump sum. This year half of the loan will be paid out in monthly installments, the first of which went out in July.

Let’s say you have two children under the age of 6 in your household. That means you are entitled to $ 1,800 per child or $ 300 per child per month between July and December. So far, only one such payment has been made. As a result, you may have only received your initial stimulus payment of $ 1,400 plus $ 600 from the child tax credit. But between August and December you should get an additional $ 1,500 per child, or $ 3,000 total.

All in all, there’s a lot of stimulus money out there, and not all of it comes in the form of those $ 1,400 payments. If you haven’t filed a 2020 tax return, it may be worth doing if you think you’re eligible for the Extended Income Tax Credit or Child Tax Credit. You can also use the IRS Non-files portal register for child tax deduction if you do not intend to file a tax return.