Biden to give out a $8,000 tax credit to some people for 2021 tax year

Apart of the economic benefits under the $1.9 trillion stimulus bill, some Americans could get an $8,000 tax credit for 2021.

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The expansion of the federal tax credit that was ushered in with the passing of the $1.9 stimulus bill that Biden signed into law could give select Americans an $8,000 tax credit for 2021.

Biden to give out a $8,000 tax credit to some people for 2021 tax year 70

The Child and Dependent Care Credit expansion has been explained by the finance website Nerdwallet; "The Child and Dependent Care Credit can get you up to 50% of up to $8,000 of child care and similar costs for a child under 13, a spouse or parent who cannot care for themselves, or another dependent so that you can work (and up to $16,000 of expenses for two or more dependents)."

Essentially, the credit will be given to individuals that have two or more dependents, and are already eligible for stimulus by meeting the income requirements. It should be noted that the specifics of this credit are somewhat complicated, but what can be simply understood is that the tax credit will only be available to qualifying people; $75,000 for single filers, $150,000 for married filing jointly and $112,500 for head of household filers. For more information on this story, check out this link here.

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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