360 CPA Solutions
712 N. Main St.
Newcastle, OK 73065
(405) 381-6012
main@360cpasolutions.com
As of 3/6/2021, the third Economic Impact Payment has passed through the Senate. This means the Internal Revenue Service and the Treasury Department will soon be delivering a third round of Economic Impact Payments.
What we know as of right now:
- Eligibility for Payment: Eligible individuals will automatically receive an Economic Impact Payment of up to $1,400 for individuals or $2,800 for married couples and up to $1,400 for each qualifying child. Generally, if you have adjusted gross income for 2019/2020 (depending upon your most recent tax return filing) of up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the third payment. For filers with income above those amounts, the payment amount is reduced. Filers who individually make above $80,000 or married couples making above $160,000, will be fully phased out from receiving any of the Economic Impact Payment.
- Child Tax Credit: The child tax credit for 2021 has been increased from $2,000 to $3,000.
- Unemployment Benefits have been extended.
As we navigate through these recent changes we will continue to keep you updated with the latest information. Please continue to follow us on Facebook and check back throughout the coming weeks as we learn more information!
If any of our clients have any questions, please don’t hesitate to give our office a call at (405) 381-6012.