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Tuesday, January 18, 2022

Stimulus Check Update: Money Worth $8,000 To Be Sent In 2022

American parents who are currently struggling financially would be able to claim the stimulus check money in the next year- if they have kids under the age of 13. Incidentally, they would also need to have an annual income below $125,000. This relief package has been considered the child and dependent tax credit.

It mostly aims at helping working families offset their expenses when they are financially providing for their kids. The qualifying expenses that should be ideally met through this would be the cost for transportation, housekeepers, babysitters, before and after school programs- something that would also include daycare and day camps.

Stimulus Check money Coming in For families With 2 Children 

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The last couple of years saw that the maximum stimulus check money one could receive for a family of two children was $6,000. However, this sum has since then received a massive boost in the current year due to the American Rescue Act- but it could definitely come as a surprise to quite a few families around. This year, parents would be deemed eligible to claim tax credits of expenses that lead up to $8,000 for one child, and $16,000 for more than a single child. 

By this year, the maximum percentage of families qualifying for the expenses will be increased from 50% to 35%. This does mean that claimants can easily receive credits of up to $4,000 in expenses for a single or up to $8,000 for two or more children. 

It has been estimated that quite a few Americans would be qualifying for the enhanced care credits this year. This is simply because those with an adjusted gross income of about $125,000 or less will be able to claim the maximum stimulus check rate that is available. In the past, the threshold had reached around $15,000. 

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