More Stimulus Money May be AvailableApril 20, 2021
This year’s extended tax deadline, May 17th, is just under a month away. Filing your taxes is more important than ever to ensure you receive critical federal stimulus money that may be available to you.
With the passage of the American Rescue Plan, there have now been three Economic Impact Payments over the past year, the so-called stimulus checks, made to individuals.
- First Round - $1,200 per adult and $500 per child
- Second Round - $600 per adult and $600 per child
- Third Round - $1,400 per adult and $1,400 per child
If you didn't get a first and second Economic Impact Payment or got less than the full amounts, you may be eligible to claim the 2020 Recovery Rebate Credit. In order to claim the 2020 Recovery Rebate Credit, along with several expanded and refundable tax credits available to individuals, you must file a 2020 tax return, even if you usually don’t file a tax return.
The American Rescue Plan also expanded the Earned Income Tax Credit. Previously limited to people over 25, the Earned Income Tax Credit is now open to
- Individuals over 19
- Former foster kids who are 18 years or older
- Homeless youth (no age specified)
In addition, the amount available under the Earned Income Tax Credit for individuals without children has more than doubled to $1,500. Learn more about the Earned Income Tax Credit here.
If you need assistance filing your 2020 taxes, you can find a number of resources here.