What’s in stimulus 3 for you? Direct payments, enhanced unemployment, tax cuts, Obamacare premium cuts, more - cleveland.com

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CLEVELAND, Ohio - The third stimulus package packs in a lot of financial benefits for a lot of people, including direct payments for most, reduced Obamacare premiums for nearly everyone needing insurance, tax cuts on unemployment income, enhanced unemployment benefits, and more cash for parents.

We covered many of these topics in detail. Read:

* Obamacare now cheaper for millions because of big health insurance changes in stimulus

* How to claim your unemployment tax break under new stimulus; other coronavirus-related tax matters

* Here’s what’s in the latest COVID-19 relief bill, including $5,600 in stimulus payments for a family of 4

Plus, IRS Commissioner Charles Rettig during congressional testimony last week provided two key updates:

* Tax break for unemployment benefits: The latest stimulus bill makes up to $10,200 of unemployment benefits received in 2020 tax free at the federal level - basically an income deduction in the eyes of the IRS. But what about people who already filed their taxes or are planning to do so soon, since this year’s tax forms do not account for this late change? Rettig said to go ahead and file, and that there should not be a need to later turn in an amended return. While details are still being worked out, he expects the IRS to be able to make these adjustments and send out additional refunds automatically.

* Increased child tax credit: This bill expands the child tax credit from $2,000 to $3,600 for children 5 and under, and to $3,000 for older child dependents. The intent by Congress was to start payments by around July. But Rettig testified that because the tax deadline has been moved from April 15 to May 17, the July goal may no longer be possible. This is because of the delay in getting other work done. Rettig said to expect more updates as to when the first of the money for the expanded tax credit will be paid.

Rich Exner, data analysis editor, writes cleveland.com’s and The Plain Dealer’s personal finance column - That’s Rich! Follow on Twitter @RichExner.

Email questions and suggestions to rexner@cleveland.com. Include your hometown and first name for publication. And to help me sort through the clutter of my email box, try to remember including “That’s Rich!” in the subject of the email.

Previous personal finance columns

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Here’s how to claim missing or bigger stimulus payments in filing 2020 taxes; young adults, new parents, others may now qualify

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President Biden extends student-loan breaks through September; here’s what to consider even if you can afford to keep paying

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What’s in stimulus 3 for you? Direct payments, enhanced unemployment, tax cuts, Obamacare premium cuts, more - cleveland.com
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