If someone walked up to you and said, “Hey, you and your partner could be missing out on nearly three grand,” wouldn’t you stop in your tracks and ask how? Well, that’s exactly what we’re diving into today! Whether you’re newly married, longtime partners, or even just filed taxes jointly, there’s a chance you’re entitled to up to $2,900 in benefits, credits, or relief. But where’s this money coming from, and more importantly—how do you get your hands on it?
Let’s break it down in the simplest way possible, and make sure you’re not leaving money on the table. Ready? Let’s roll.
What’s This $2,900 All About?
This isn’t some scammy scheme or sweepstakes. It’s a mix of tax credits, stimulus checks, and government relief programs targeted at couples—married or domestic partners—who meet certain criteria. Depending on your income, filing status, and eligibility, you could qualify for financial help totaling up to $2,900 (or more in some cases).
Who’s Eligible?
Let’s not beat around the bush—eligibility is the name of the game. Not every couple will qualify, but here’s a general rule of thumb:
- You file taxes jointly as a couple.
- Your combined income is within a set range (varies by program).
- You have dependents (kids? pets don’t count, sorry!).
- You were impacted by COVID-19 or meet criteria for economic relief.
- You didn’t already receive prior payments or credits.
Think you check a few of those boxes? Keep reading.
Tax Breaks Couples Shouldn’t Ignore
Here’s where Uncle Sam might just become your favorite relative. Several tax credits can pump up your refund or reduce your tax liability. Let’s go through the big ones.
1. Married Filing Jointly Benefits
Filing jointly opens the door to higher income thresholds and bigger tax breaks. Couples filing together can qualify for larger standard deductions and often lower tax brackets.
→ 2024 Standard Deduction for Joint Filers: $29,200
Cha-ching! That’s a lot of income that goes untaxed right off the bat.
2. Child Tax Credit (CTC)
Got kids? The Child Tax Credit gives you up to $2,000 per qualifying child. For some families, this credit alone makes up the bulk of their refund.
→ Say you have one child = up to $2,000
→ Two kids? Boom, $4,000 potential credit.
Even if your income is low, you could get a partial refund via the Additional Child Tax Credit (ACTC).
3. Earned Income Tax Credit (EITC)
This one’s a hidden gem. It’s for low- to moderate-income couples who work. The EITC can offer up to $7,430 depending on your income and number of children.
→ No kids? You can still get up to $632
→ Three kids? You’re looking at the max!
Homeowner Relief That Adds Up
If you and your partner bought a home, you’re probably juggling interest payments, property taxes, and maybe PMI. The good news? There are tax perks for that too.
4. Mortgage Interest Deduction
This one lets you deduct interest paid on your mortgage—often a huge chunk of your monthly payment. For couples, this can easily mean thousands of dollars in deductions.
→ Worth noting: there’s a limit (usually $750,000 loan cap), but for most folks, you’re golden.
5. Property Tax Deduction
You can also deduct state and local property taxes up to $10,000. It doesn’t directly put cash in your pocket, but it does lower your taxable income—which means more refund or less owed.
Healthcare Credits You Might Miss
Medical expenses can crush your savings if you’re not careful. But guess what? Some of those costs might be deductible.
6. Medical Expense Deduction
If your medical expenses exceed 7.5% of your AGI (adjusted gross income), you can deduct them. It’s not a guarantee, but worth checking if you had a pricey year.
7. Premium Tax Credit
Bought health insurance through the Marketplace? You could qualify for the Premium Tax Credit, which helps pay your monthly insurance premiums based on your income and household size.
COVID-19 Relief Still on the Table?
Surprise: some folks still haven’t claimed their full Economic Impact Payments (stimulus checks).
8. Recovery Rebate Credit
If you didn’t get the full stimulus payments in 2020 or 2021 (or had a baby after filing), you might be due some back pay.
→ Missed out on one payment = up to $1,400 per person
→ Couples = up to $2,800
Add in dependents, and the amount climbs higher!
State Programs – Don’t Miss ‘Em!
It’s not just the federal government handing out money—your state might have something cooking too.
9. Rent or Housing Assistance
Some states offer renter’s credits, utility help, or housing vouchers. These aren’t always advertised loudly, so you may need to dig into your state’s official site.
10. State Earned Income Credits
Many states mirror the federal EITC and give you an additional amount on top. Some are refundable too!
How to Claim What’s Yours
Now that your head is buzzing with all these options, let’s talk next steps.
Step 1: File Your Taxes (Even If You Don’t Think You Need To)
Many credits require a tax return—even if you made little to no income.
→ Didn’t file in 2021 or 2022? You might still be eligible for back credits. File ASAP!
Step 2: Use Tax Software or a Preparer
Not comfortable doing it yourself? Many tax prep tools will walk you through each credit and check eligibility. Plus, if your income is under a certain level, you might qualify for Free File through the IRS.
Step 3: Look for State-Specific Programs
Visit your state’s official Department of Revenue or Benefits site. You’d be surprised what programs pop up—energy assistance, food benefits, tax relief, and more.
Real-Life Example: The Johnsons
Meet James and Katie Johnson. They’re a married couple with one kid, a household income of $48,000, and they bought their first home last year. Here’s how they racked up over $2,900 in credits:
- Standard Deduction: $29,200 → lowers taxable income
- Child Tax Credit: $2,000
- Mortgage Interest Deduction: $1,200
- State EITC: $400
- Premium Tax Credit: $500
Total Tax Savings & Credits: $4,100+
That’s a nice vacation or a big dent in their debt!
Watch Out for These Common Mistakes
Even the best of us mess up. Let’s make sure you avoid these money-losing blunders:
- Forgetting to file jointly
- Overlooking state-specific benefits
- Missing tax deadlines
- Not updating dependent info (like a newborn!)
Double-check everything before you hit “submit.”
Need Help? Resources to Check
- IRS Free File:
- GetCTC (for late Child Tax Credit claims):
- Benefits.gov: Your hub for state/federal aid
- Local VITA Sites: Volunteer help for low-income tax filers
Pro Tip: Don’t Wait Too Long!
Some credits have deadlines—especially the Recovery Rebate Credit. You generally have three years to amend a return or claim certain refunds. So don’t procrastinate!
Conclusion: It’s Your Money—Claim It!
Let’s face it: life’s expensive. Whether you’re saving for a home, paying off student loans, or just trying to keep up with groceries, every dollar counts. That $2,900? It could mean less stress, more freedom, and better financial stability for you and your partner.
The truth is, most people miss out on money simply because they don’t know it’s there. Now that you do—go get it!
FAQs
1. Can unmarried couples qualify for these benefits?
Yes, if you file taxes together (as married filing jointly or Head of Household if you qualify) and meet the income and other criteria. But certain benefits are only for legally married couples.
2. Is this a one-time thing or annual?
Most of these credits (like CTC and EITC) are annual tax credits. Others, like the Recovery Rebate Credit, are one-time opportunities.
3. What if I missed the deadline to file for a previous year?
You typically have three years to file or amend a return and still claim a refund. Act fast if you’re approaching that window.
4. How do I find out if I got all the stimulus checks?
Check your IRS account online or your previous tax transcripts. If you’re missing a payment, file for the Recovery Rebate Credit.
5. Can I still qualify if I already filed my taxes?
Yes! You can amend your return using Form 1040-X to add any credits you missed the first time around.
Want help understanding what you qualify for? Just ask—there’s no such thing as a silly tax question when money’s on the line!