by Dana George | Published on Aug. 27, 2021
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How much a single person receives in stimulus dollars depends on the specifics of their life.
There's an awful lot to be said for being single. You have no one to answer to, can choose your own Friday night movie, and can eat whatever you want for dinner without asking someone else's opinion.
That said, being single in 2020-2021 can be a little scary, particularly given today's job uncertainty. According to the Federal Reserve, roughly 200,000 businesses shut down due to COVID-19 in 2020. What's more, the unemployment rate reached 14.8%, the highest since data collection began 73 years ago.
Fortunately, the federal government introduced direct stimulus payments in an effort to help. 2020 was the year direct payments were deposited in bank accounts across the country, unemployment benefits were boosted, and historically low interest rates were introduced by the Federal Reserve.
But what about 2021? Can singles expect anything in the way of federal help?
Yes. The Institute on Taxation and Economic Policy (ITEP) finds that singles earning a yearly income of $52,000 can expect to receive an average of $2,710 in stimulus funds. That amount is increased by an average of $660 for each child in the family under the age of 17.
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According to the U.S. Bureau of Labor Statistics (BLS), the weekly median earnings for a full-time worker in the U.S. in the second quarter of this year was $990, or $51,480 annually. This is the income we used to gauge the total federal assistance likely to be received throughout the year.
We compared that median income to a table created by ITEP to understand how much the "average" single worker can expect to receive in stimulus funds. Those without children can plan to receive a total of $2,710 extra in their bank account. For the typical earner with one child, that figure changes to $3,370, and for a single parent with two kids, it's $4,030.
|Income Range||Stimulus Checks||Child Tax Credit||Earned Income Credit|
|Up to $21,300||$2,210||$1,060||$320|
|$601,700 or more||$40||$10||$0|
ITEP broke potential stimulus funds down by income and category. To figure out how much extra you'll end 2021 with, you'll need to check your adjusted gross income (AGI) on the last tax return you filed. That's the amount ITEP's figures are based upon. Next, add any of the stimulus sources you are eligible to receive (or have already received)
For example, if you had an AGI of $75,000 and are the parent of one child, look at the income range of $65,000 to $111,300. Add $2,910 (stimulus checks), $620 (Child Tax Credit), and $10 (earned income credit). You'll see that your total expected stimulus funds amount to $3,540.
We're all hoping for an increase in the vaccination rate and herd immunity that will stop COVID in its tracks. Until then, it's good to know that most of us have a few extra dollars to help us get through this once-in-a-lifetime pandemic.
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