Low-Income Americans: Here’s How Much Stimulus Money You’ll End Up Getting

After reaching all-time high cases of up to 300K, COVID cases started declining in the United States.

But from the past one month or so, COVID-19 cases have started to pick up as over 100K cases are reported daily.

So, it’s hard for anyone to say when all of this will be over.

In the meanwhile, the Covid-19 outbreak has affected Americans both mentally & financially.

Its long-term effects have sent many families & businesses reeling under a financial crunch.

However, as far as citizens are concerned, the Government had assured stimulus payments to eligible families.

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Payments in the form of:

• Multiple Stimulus Checks.
• Expanded Child Tax Credits.
• Earned Income Tax Credit.

Still, there are many Americans left to receive these payments. But once you get them into your account, this much amount of money you’ll receive –

If your household income is somewhat lower than $21,300, you’ll get payments of around $3,500 in tax credits & stimulus money. Let’s do a complete breakdown of these payments:

• Expanded Income Tax Credit of around $300 is expanded for childless workers. You can avail of this amount when filing for 2021 income tax returns.
• Earned Child Tax Credit: From July to December 2021, you can avail child tax credit of around $250 per child.
• Stimulus Checks: As part of the multiple stimulus payments, you’ll receive approx. $2K directly in your bank account or sent to you via checks.

P.S. For households with income between $21,300 & $39,800, will receive $250 less in total payments. This amount keeps on decreasing for higher-income households.

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When all these payments are received, Americans will see an increase of about 33% in their household income.

Ever since last year, the majority of Americans have been receiving stimulus checks.

But this time around, lower-income Americans will end up getting the most out of the stimulus money in 2021.

Still, the only matter of concern is whether IRS will deliver stimulus to a household that needs it the most.

That’s all for now. I hope you will receive the amount that’s due to you.