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Saturday, May 28, 2022

Stimulus Checks: How Can You Sign Up For $8,000

Negotiations about further stimulus checks will resume in the Senate over President Biden’s stalled legislation that will, among other things.

2022 is shaping up to be nothing like 2021 on the stimulus check front. The Child and Dependent Care Credit, which taxpayers can take advantage of when they file their federal income tax return in just a few months’ time.

Stimulus Checks Update: The Child And Dependent Care Credit

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The biggest difference between this and other stimulus checks is that you need to ask for this once. The check will not arrive automatically, unlike the child tax credit stimulus checks.

The IRS said, “The child and dependent care tax credit is a credit allowed for a percentage of work-related expenses that a taxpayer incurs for the care of qualifying persons to enable the taxpayer to work or look for work.” This benefit was another that resulted from the $1.9 trillion stimulus law earlier this year, the same one that provided the new round of stimulus checks for $1,400.

You need to complete Form 2441, Child and Dependent Care Expenses, to claim the credit. And include the form when you file your federal income tax return. If your dependents are not being able to take care of themselves, it will be reflected in your records. Records that you need to maintain to support your claim for this stimulus check are in IRS Publication 503, Child and Dependent Care Expenses, and Q3.

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For the time being, this benefit is only available for the 2021 tax year, for which you’ll file your return in 2022. The benefit can get you as much as 50% of up to $8,000 of the cost of child care and similar expenses tied to the care of children under 13. Or a spouse, parent, or another dependent who you take care of who can’t care for themselves.

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