The effects of the pandemic are still being felt today. Lawmakers are working to craft a relief package that would send out checks to Americans who lost their jobs during the outbreak, and those who lost income due to delayed wages and overtime. The bill could also address child tax credit changes and an extension of the federal unemployment programs.
The bill could also address child tax credit changes, and an extension of the federal unemployment programs.
The child tax credit is set to increase from $2,000 to $3,000 in 2020; however, it’s currently capped at $14,000 for married filers whose income is between $40,000 and $50,000. The new bill would increase that cap up to about $45,000 for people who file jointly with a modified adjusted gross income (MAGI) of less than $55,400—and up to about $60,400 for those filing as single or head of household with MAGIs under roughly the same thresholds.
Stimulus Check Handy Details
The federal unemployment program has been extended six times since 2011 because Congress hasn’t managed to pass any legislation extending the benefits beyond their expiration date each year. It’s currently set to expire on Dec. 13th if no action is taken by lawmakers before then; however, if they do nothing by then none of these extensions will apply retroactively so people would just start receiving benefits again immediately.
“Stimulus checks” are direct payments to taxpayers who receive a federal tax refund.
This year, the average stimulus check was $1,650 or one-third of a person’s annual income.
You can opt out of receiving an SSC if you don’t want the payment (or if you don’t qualify). If this happens because someone else is using your Social Security number illegally (e.g., they’re running up debt or collecting fraudulent benefits under your name), call Treasury’s Customer Service Center at 800-829-1040 for help resolving the issue immediately; otherwise, there may not be anything anyone can do about stopping them from stealing from others’ accounts once those accounts receive their Stimulus Check payments later in 2022!