Qualifying Families Could Receive A $8,000 Stimulus Payment w/ The Child & Dependent Care Tax Credit Initiative
Hot97 Staff
11/25/2021 12:00 AM EST
Some American families qualify to receive a stimulus payment.As reported on The Sun, the initiative is called the child and dependent care tax credit. It aims to help working families pay expenses that they'll need to care for their loved ones. The IRS said,"The credit is calculated based on your income and a percentage of expenses that you incur for the care of qualifying persons to enable you to go to work, look for work, or attend school."Parents that have children 13 and under and make less than an adjusted gross income of $125,000 or less could receive a payment up to $8,000 in the new year. The article points out qualifying expenses include babysitters, transportation, housekeepers, day camps/daycare, and before/after school programs. The money can also be used to care for a dependent with a disability. Who qualifies: Families with an income of less than 125,000 dollars annually can claim the following:
- 50% of qualifying expenses (up to $8,000) for the care of a child under 13 or an official dependent
- 50% of qualifying expenses (up to $16,000) for the care of two children under 13 or official dependents