Relief plan includes help for families through child tax credit boost, checks for dependents

In this third round of stimulus payments, dependents between the ages of 17 and 24 will get the $1,400 benefit if they did not receive stimulus checks the last two times.

News 12 Staff

Mar 12, 2021, 11:07 PM

Updated 1,227 days ago

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The next round of federal stimulus checks may be larger for many Americans now that dependents qualify.
Farmingdale State College student DJ Molinari will be eligible to receive a stimulus payment for the first time.
In this third round of stimulus payments, dependents between the ages of 17 and 24 will get the $1,400 benefit if they did not receive stimulus checks the last two times.
Adults and senior citizens will also continue to be include in the checks.
"I think that's really good news," Molinari says. "People who are dependents deserve to get money too, as well as people who were getting it before."
However, financial advisor Mitch Goldberg says that doesn't necessarily mean the cash will go directly to the dependents. Since this is stimulus check is happening through many parents' tax returns, Goldberg says the payments will actually go to them.
"The money will be going to the bank account on file for direct deposit with the IRS. It will go to the parents' account because the child is a dependent of the parents," Goldberg says. "It goes to the parents, really, it doesn't necessarily mean the college student is going to get this check."
Also, not every college student will qualify since eligibility depends on how much money their parents make. A family earning up to $150,00 per year would get the full benefit, but after $160,000, they receive nothing.
"There's a very fine line between a family of four getting $5,600 dollars and a family of four making a little bit more and not getting anything," Goldberg says.
Molinari says the cash will likely go right back into his education. "My parents would probably use it for me, like my tuition or something else," he says.
The first payments are expected go to people who have already set up direct deposit accounts with the IRS. The White House says money could start hitting accounts this weekend.


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