Biden's American Rescue Plan Act, which created the third stimulus checks, did boost tax credits for most parents with children under 18, but only for the year 2021. Most parents and legal guardians will receive a tax credit of $3,600 for children under six, and $3,000 per child aged six through 17.
Half of that credit will come in the form of monthly advance payments to parents beginning July 15 — $300 per month for younger kids, and $250 for older ones. That's similar to the monthly recurring checks that some legislators have called for.
The same law also retroactively exempted a large chunk of unemployment benefits paid out in 2020 from federal income tax. People who collected unemployment in 2020 and paid tax on it are getting thousands of dollars in tax-refund checks.
The American Rescue Plan Act also offers tax credits that cover all or most of the cost of a "Silver" health-insurance plan for six months under the Affordable Care Act, aka Obamacare. You're eligible for this if you filed for unemployment benefits at any time in 2021, and if you don't currently get health insurance through Medicare, Medicaid or someone else's health plan.
Biden's American Families Plan, which is separate from the American Jobs Plan, will seek to extend those tax credits, including the advance payments, through the end of 2025.
The American Families Plan would also mandate up to 12 weeks of paid parental leave and subsidies for childcare.
That's not to say another widespread stimulus check can't be written into the next major economic initiative. Although the consensus is that a fourth stimulus check isn't likely, many lawmakers and economists initially questioned the need for a second and third stimulus check too.
Meanwhile, some people have not received their third stimulus check due to a “programming error,” detailed in a new Fast Company report. The IRS has admitted instances of payment delays, but hasn't provided specific language on why certain taxpayers are facing issues with their payment.
Be sure to check your stimulus check status or call the IRS stimulus check phone number with questions regarding your payment. Read on for everything there is to know about the possibility of another round of payments.
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