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Americans may have to wait until next year to take full advantage of the recently passed COVID-19 relief bill. The latest round of stimulus payments are already being sent out, but here's why you may have to wait.
Some of the benefits included the $1.9 trillion bill, such as the child tax credit and it won't be available until you file your 2021 tax return next year. Other benefits that won't take hold until next year include the Earned Income Tax Credit and Affordable Care Act.
According to chief tax officer Kathy Pickering at H&R Block, she stated "We are going to see these waves of relief. There is certainly relief that's coming right now and over the summer as part of the American Rescue Plan."
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