You might be able to get an extra stimulus payment of up to $8,000 for 2021 – here’s how

[Andy Meek]

Some Americans are no doubt still waiting to receive their $1,400 stimulus check as either an electronic bank deposit or a paper check in the mail, following passage of the $1.9 trillion stimulus legislation that President Biden signed back in March. And even outside of those direct stimulus payments, there are many other stimulus-related benefits, tax breaks, and direct payments that are coming to Americans soon -- such as the expanded federal child tax credit that will be paid to millions of American families this year, in the form of a monthly check for each eligible child starting on July 15.

Meanwhile, here's a new stimulus update to be aware of, in the form of yet another benefit that millions of taxpayers will be able to take advantage of. It's not a check, at least not at the outset, in the same way that the previous three stimulus payments came in the form of $1,200, $600, and $1,400 checks, nor is it even really a "payment" at all. It's a tax credit, one that will reduce your tax obligations for 2021 if you have payments related to the care of a child or other dependent. If you care for one child or dependent, you can claim expenses of up to $8,000, and up to $16,000 if you care for more than one child or dependent. Here's the thing, though -- the way this tax credit works, you can get a refundable credit of up to 50% of either of those two amounts, whichever one applies to you. So what does that mean, exactly?

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You might be able to get an extra stimulus payment of up to $8,000 for 2021 – here’s how originally appeared on BGR.com on Mon, 31 May 2021 at 12:45:53 EDT. Please see our terms for use of feeds.

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