If they have children under the age of 13, American parents who are currently struggling financially will be able to claim the stimulus check money in the next year.
In addition, they would have to earn less than $125,000 a year. The child and the dependent tax credit is part of this relief package.
It generally aims to help working families in offsetting their expenses when providing for their children. Transportation, housekeepers, babysitters, before and after school programs, as well as daycare and day camps, are examples of eligible expenses that should ideally be covered through this.
Stimulus Check money Coming in For families With 2 Children
For the past few years, the maximum stimulus check amount for a family of two children has been $6,000. However, thanks to the American Rescue Act, this amount has increased dramatically in the current year, which may come as a shock to many families.
This year, parents will be able to claim tax credits for expenses totaling up to $8,000 for one child and $16,000 for several children.
The maximum percentage of families qualifying for the expenses will be increased from 50% to 35% by this year. This means that claimants can easily earn expenditures credits of up to $4,000 for a single child and up to $8,000 for two or more children.
It is expected that a lot of Americans will qualify for the enhanced care credits this year. This is due to the fact that those with an adjusted gross income of less than $125,000 will be qualified for the maximum stimulus check rate. The threshold had typically been around $15,000 in the past.