All the extra stimulus check money parents and the elderly could get in their third payment
You and your dependents could be eligible for way more than a $1,400 stimulus check. Here are all the special circumstances for parents and older adults.
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For those who qualify for the third stimulus check that maxes out at $1,400, that money is intended to help individuals and families bridge over the current economic straits. The American Rescue Plan that authorized those payments, however, includes other financial assistance that could benefit some of the most vulnerable Americans, including parents and the elderly.
Most prominently, the stimulus law expands the definition of dependent to loop in those of any age -- including adults. The American Rescue Plan comes with several provisions aimed at lowering child poverty rates in the US that could bring some families an extra infusion of cash this year. For instance, it expands the child tax credit to make payments up to $3,600 for each qualifying child.
To make child care more affordable for families, the plan provides a child care tax credit for kids under age 13 -- a total of up to $4,000 for one child, or $8,000 for two or more children. The credit is refundable, and available to families making less than $125,000 per year. Those making between $125,000 and $400,000 receive a partial credit (find out what your adjusted gross income is here). The plan also calls on Congress to provide funding to keep child care centers open, and improve wages and benefits for child care workers.
Watch this: Stimulus check 3: How much money you'll get
Stimulus checks for adults over 65, including dependents
Designed to benefit people with lower incomes, this tax credit can reduce your taxable income and wages. The relief plan raises this credit for childless adults from about $530 to $1,500, and raises the income limit for the credit from $16,000 to $21,000. It also expands the eligible age range, eliminating the age cap for older workers. And if your earnings fall in 2021 due to the pandemic, you won't see your credit reduced. (Find out more about how to claim the earned income tax credit this year.)
More funding for aging and disability services
The American Rescue Plan includes additional funds for aging and disability services programs, but it doesn't go into detail about where exactly that money goes.