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The second-biggest piece of the 2021 COVID relief package was the expanded Child Tax Credit — and if you qualified for it, this will affect your taxes. ... your tax refund might be smaller or ...
The American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package or American Rescue Plan, is a US$1.9 trillion economic stimulus bill passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021, to speed up the country's recovery from the economic and health effects of the COVID-19 pandemic and recession. [1]
The Coronavirus Aid, Relief, and Economic Security Act, [b] [1] also known as the CARES Act, [2] is a $2.2 trillion economic stimulus bill passed by the 116th U.S. Congress and signed into law by President Donald Trump on March 27, 2020, in response to the economic fallout of the COVID-19 pandemic in the United States.
Several coronavirus relief bills have been considered by the federal government of the United States: Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020, enacted March 6, 2020; $8.8 billion; Families First Coronavirus Response Act, enacted March 18, 2020; $104 billion; CARES Act, enacted March 27, 2020; $2.2 trillion
Any COVID-related withdrawals made in 2020, though, are penalty-free. You will have to pay taxes on those funds, though the income can be spread over three tax years. Retirement Planning Tips
Many of the tax deductions Americans were able to take advantage of during the height of the pandemic in 2020 and 2021 have now expired for 2022 tax returns, such as the Expanded Child Tax Credit ...