This article will discuss how the American Rescue Plan will affect some individual 2021 taxes.
Child- and dependent-care-credit increases for 2021 only. The new law increases the amount of the credit for expenses for qualifying care. For 2021, eligible taxpayers can claim $8,000 for one qualifying individual or $16,000 for two or more qualifying individuals. A qualifying individual is a dependent under the age of 13, or a dependent of any age or spouse who is incapable of self-care who lives with the taxpayer. The adjusted gross income level at which the credit percentage starts to phase out is raised to $125,000.
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