$1,400 Stimulus Checks: New Income Limits and Definition of Dependents

The $1,400 stimulus payment will be going out soon to individuals and their dependents, but there are a lot of big changes to the stimulus payment that you need to be aware of beside just the higher amount. They changed:

• Definition of dependents
• Income phaseout thresholds
• How the threshold is calculated
For individuals and families close to the phaseout threshold, there are advanced planning strategies that they could implement in 2021 to qualify for a larger stimulus payment since they are technically 2021 tax credits. This is a first of a series of video that we will be releasing because they are a lot of other benefits that will be available to individuals later in 2021 associated with the new American Rescue Plan stimulus program.
Below are our other videos associated with the new stimulus program:

2021 Child Tax Credits: https://www.youtube.com/watch?v=EAtkGLEJqwA

$10,200 of Unemployment Tax Free: https://youtu.be/00X82r_iUGA

NEW 2021 Child Care EXPENSE Tax Credits: https://youtu.be/QcGdTYKuKTc

Disclosure: This video does not contain legal, tax, or accounting advice. Please consult your own tax, legal, accountant, or investment professional for guidance.

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