The third round of stimulus checks have started being deposited into people’s bank accounts this week, giving many Americans a financial lift.
Here’s a breakdown of the stimulus payments:
- $1,400 for individuals earning up to $75,000
- Phases out based on income; completely phased out if you earn more than $80,000
- $2,800 for married couples who earn up to $150,000
- Phases out based on income; completely phased out if you earn more than $160,000
- All dependents qualify for up to an extra $1,400; college students and elderly parents living with you qualify
Here’s a breakdown of the child tax credit:
- $3,000 a year per child ages 6 to 17
- $3,600 a year per child under 6
- Monthly payments could start as soon as July; the rest could be claimed on 2021 taxes
- It phases out if you earn more than $75,000 a year or couples who earn $150,000
- Families that are ineligible because of incomes can still claim $2,000 per child credit (income limits: $200,000 for an individual and $400,000 for marries couples)