As part of the COVID relief packages approved by the government, American households were granted additional benefits to help lessen the hardship brought on by the pandemic. Two of these benefits were stimulus checks and child tax credit, which provide cash assistance to those who qualify.

Stimulus Checks: The U.S. government rolled out three rounds of stimulus checks, also known as Economic Impact Payments, for qualifying Americans. The amounts of each check were $1,200, $600 and $1,400 per person, in that order. However, as of May 2022, no new stimulus checks legislation has been passed.

Married couples who filed taxes jointly received a single check that was double the single-person amount. Families with children received an extra amount per stimulus check: $500, $400 and $1,400 per child.

To qualify for a stimulus check, you must be a U.S. citizen or resident alien with a valid Social Security number and not be dependent on another tax-paying citizen.

Another requirement is that you must fall within the income brackets, and the maximum income requirements for each stimulus check varied.

Qualifying Americans received stimulus checks in the form of paper checks, an IRS debit card or direct deposit to the same bank account where they receive their tax refund.

If you have not received one or more of your stimulus checks, you can claim a Recovery Rebate Credit on your next tax return. You can also contact the IRS to receive a stimulus update and determine if you are eligible for this rebate.

Child Tax Credit: The Child Tax Credit is currently up to $2,000 for each child younger than 17 years of age. It is a dollar-for-doaller tax reduction for qualified families. Couples with children who make up to $400,000 per year or single parents who make up to $200,000 per year may qualify.

Low and moderate earners can be eligible for a payment of up to $1,500 for 2022 or $1,600 for 2023 per child due to the credit, even if they don’t owe income tax.

Parents of children born or adopted in 2022 and 2023 can claim child tax credits for them on their returns, but the children need a Social Security number.