A fresh stimulus check could come in as a pleasant surprise for working families. Such families who check certain conditions could be richer by as much as $8,000 in tax credits.
Under the Child and Dependent Care Credit, individuals and families could receive as much as half of the $8,000 in child care plus allied costs for children below 13. This relief is also applicable for spouses and parents who are unable to look after themselves, or other dependents.
This support is given to enable you to work without having to worry about caring for dependent members of your family who need constant care. So a family with two children will receive a stimulus check worth $8,000 in support under this scheme.
This is beside the Child Tax Credit payment advance that will be paid each month to parents, each child will bring in $300 per month if they are below 6, and $250 if they are between 6 and 17.
Around 39 million families will benefit under the Child Tax Credit scheme. The monthly payments will cover only half of the allotted payment. The rest will be paid against the 2021 income tax returns to be filed next year.
Stimulus Check Also For Rent And Mortgage Payments
Both renters and homeowners have been unable to pay their dues as the third stimulus check amount has been used up in most households. A $46 billion assistance for renters will enable them to claim over a year’s value in rent payments including even future payments.
The American Rescue Plan also has provisions to provide relief for the vulnerable section of homeowners who are behind in their mortgage payments. A total of $10 billion has been allotted for the states, the Dist. of Columbia, and Hawaii.
This fund will help avoid mortgage default and delinquencies, loss of home energy services and utilities, and foreclosures. Homeowners facing hardship in 2021 can avail of the scheme. A minimum amount of $50 million has been provided for all states.
Free health insurance is also part of the deal for Americans starting July 1. People who are getting unemployment benefits will get benefits under this scheme available through healthcare.gov. This is under the popularly known Obamacare insurance that was rescued by the Supreme Court recently.