Tax guide

What sort of tax breaks does the new COVID-19 stimulus bill provide?

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Under the Consolidated Appropriations Act passed in early 2021, taxpayers can use their 2019 income amounts to determine eligibility for the Earned Income Credit and Child Tax Credit on their 2020 tax return. This makes the tax breaks available to those who need the boost but fell below the qualifying income threshold in 2020 due to the pandemic.

Also, those who would have qualified for either or both credits using their 2020 income may now receive more by using their 2019 income, assuming it is higher than their 2020 income but not so high that it pushes them above the income limit threshold.

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