| The American Rescue Plan Act includes another round of economic impact payments (EIP) and several expanded and refundable tax credits available to you, but all require filing taxes.
A parent of two children with an income less than $75,000 could receive a total of $10,200 for the year. If that parent did not collect the EIPs last year, they could receive over $15,000 - see chart above for reference.
The Earned Income Tax has also been expanded. It’s now open to individuals over 19 years old. Former foster kids qualify at 18 years old, and homeless youth also qualify with no age specified. The amount available under the EITC for individuals without children has more than doubled to $1,500.
In order to get all these benefits, people have to file a tax form. |
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