Singles can finally rejoice after the Institute on Taxation and Economic Policy (ITEP) finds that singles earning a yearly income of $52,000 can expect to receive an average of $2,710 in stimulus funds. That amount is increased by an average of $660 for each child in the family under the age of 17.
After a tumultuous year of unemployment and job uncertainty, with COVID-19 shutting down around 200,000 businesses in 2020 and the highest recorded unemployment rate since the first data collection 73 years ago, single individuals can now expect federal assistance.
Direct stimulus payments were introduced by the Federal Reserve last year, to help those affected by the pandemic. These stimulus payments, which were deposited in millions of bank accounts across the nation, aided in employment and boosted confidence in businesses.
This year, single individuals can also apply for stimulus payments based on their earnings and tax returns.
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According to the U.S. Bureau of Labor Statistics (BLS), the weekly median earnings for a full-time worker in the U.S. in the second quarter of this year was $990, or $51,480 annually.
To compute the federal assistance to be received, the median income is compared with the received stimulus checks, cash received in child tax credit which will then determine the earned income credit of the individual filing for the assistance.
For example, those earning up to $21,300 dollars with $2,210 in stimulus checks and $1,060 in child tax credit will have an earned income credit of around $320 a month.
Until vaccination rates increase and we eventually stop the pandemic as a whole, this extra financial aid is a great push to get us through this pandemic.
To determine how much you’re due as a single individual in 2021, you’ll need to check your adjusted gross income (AGI) on the last tax return you filed.
That’s the amount ITEP’s figures are based upon. After that, you must add any of the stimulus sources you are eligible to receive (or have already received).
