Stimulus checks
Taxpayers will receive $1,400 based on the following limits to Adjusted Gross Income, based on your most recently filed and processed tax return:
Single filers earning less than $75,000. The benefit phases out as incomes approach $80,000; those earning more than $80,000 do not qualify for this payment.
Heads of household earning less than $112,500. The benefit phases out as incomes approach $120,000; those earning more than $120,000 do not qualify for this payment.
Married couples filing jointly earning less than $150,000 will receive $2,800. The benefit phases out as incomes approach $160,000; those earning more than $160,000 do not qualify for this payment.
Taxpayers with qualifying child or adult dependents and AGIs below the thresholds are eligible for an additional $1,400 per dependent.
Unemployment benefits
The Federal Pandemic Unemployment Compensation program provides $300 per week through Sept. 6 as a supplement to state and federal unemployment benefits.
Also extended through Sept. 6 are:
the Pandemic Unemployment Assistance program, which provides benefits to self-employed and part-time workers; and
the Pandemic Emergency Unemployment Compensation program, which provides additional weeks of federally funded unemployment benefits to individuals who have exhausted regular state benefits.
Contact your state unemployment office for more information.
The first $10,200 of 2020 unemployment payments are tax-free for households with AGI below $150,000.
Health care cost-related relief
If you received more in Advance Premium Assistance Tax Credits in 2020 than you were entitled to, based on your income, you get to keep it – tax-free. Do not report it on your 2020 tax return.
Individuals eligible for health insurance under the Affordable Care Act (also known as Obamacare) may be able to pay less for the same coverage in 2021 and 2022.
Individuals receiving unemployment compensation in 2021 may be eligible for Advance Premium Tax Credits regardless of income.
Individuals who lost their jobs or had work hours reduced and want to keep their employer’s health insurance plan through COBRA, will not pay any premiums from April 1 through the end of September or until the coverage period ends.
Child tax credit
Families will receive up to $3,600 for each child under age 6 and $3,000 for each child from age 6 to age 18. Eligible families include:
single filers earning less than $75,000; and
married couples filing jointly who earn less than $150,000.
The Treasury Department will issue half the payment starting in July; you’ll claim the remainder on your 2021 tax return.