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Friday, July 1, 2022

Surprise Stimulus Check For Families With Kids Under 13

You can be eligible for a surprise stimulus check if you bear a kid, who is under the age of 13.

Monthly CTC stimulus checks are about to get sent out to millions of American families but make sure that you do not overlook another stimulus boost that might be coming soon.

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These are the child and dependent care tax credits, which aim to help working families offset expenses when financially providing for a child.

Specifics that count as qualifying expenses include, transportation, housekeepers, babysitters, before and after school programs, as well as day camps and daycare.

In addition to that, they can be used to care for dependents with disabilities.

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In the past, families were able to just claim $6,000 for two or more children.

But thanks to a provision in the American Rescue Act, signed into law by President Joe Biden in March, these credits have been expanded.

Surprise Stimulus Checks: How Much Can You Get From These Credits

Families in 2021 are eligible to claim stimulus check credits of expenses of up to $8,000 for one child and $16,000 for multiple kids.

Care credits are only available for children under the age of 13, but there might be an exception for a dependent who is unable to take care of themselves.

By 2021, the maximum percentage of qualifying expenses families can claim has been increased to 50% from 35%.

So that means claimants can receive credits of up to $4,000 in expenses for one child or up to $8,000 for two or more.

But that’s not all: many more Americans qualify this year thanks to the qualifying adjusted gross income (AGI) getting a boost.

You claim the maximum expense rate as long as AGI is $125,000 or less.

Once that threshold exceeds that number, the credit percentage rate starts to phase out from 50%.

Those with AGI’s that exceed $438,000 are not eligible to receive care credits.

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