Get that Stimulus Cash

With the most recently passed stimulus there are a couple things on my radar that may help you get some cash.

The most pertinent benefit that there is an additional check coming for pretty much everyone in the bottom 80% of the income distribution. (Where’s the rest of the money, Joe?)

However, there is a lesser-known benefit, in that the child tax credit was increased.

And eligibility was lowered so more people at the bottom of the income distribution should get this payment.

But the real nice thing is that the legislation directs the IRS to make the payments refundable on a periodic basis.

This means that if the parent has a dependent child, they will receive payments from the IRS starting around July (Details).

Additionally, there is a provision making a significant portion of unemployment benefits in 2020 not subject to taxation. Which is nice because facing unemployment and then owing the IRS money is not fun.

If anyone already filed taxes but received unemployment, they will need to file an amended return which should get them some money back (Details).

Finally, to make sure that people receive these benefits, they need to make sure they are up to date with their info at the IRS.