Stimulus Bill Provisions For Individuals – American Rescue Plan Act of 2021
Please choose any of the following articles below that interest you. Each article is listed under the month it was written. Articles written in prior months may still have educational interest.
Economic Impact Payment (EIP) of $1400 per individual with an Adjusted Gross Income (AGI) of up to $75,000 based on 2019 tax returns or 2020 returns if already filed.
EIPs for qualifying dependents over 16 years of age based on parent’s income.
Up to $10,200 of unemployment compensation exempted from federal income taxes for tax year 2020 for taxpayers earning less than $150,000 AGI. Married couples can exclude up to $20,400 of unemployment benefits if both spouses received unemployment in 2020.
Federal unemployment benefit payments of $300 per week have been extended through September 6, 2021.
Child Tax Credit of $3000 per qualifying child under 18 years of age, subject to phaseout thresholds starting at $75,000 AGI for singles and $150,000 for married couples.
Recovery Rebate Credit available to taxpayers that didn’t receive a stimulus payment even though they were eligible. Eligibility for the tax credit is the same as eligibility for the stimulus payments.
Credits for Paid Sick & Family Leave provides eligible self-employed individuals with a credit equal to 100% of the qualified family leave equivalent amount.
Sources: IRS; IRS Coronavirus Tax Relief, Treasury.gov
Print Version: American Rescue Plan Act of 2021 April 2021
