Better Benefits for the Unemployed
Qualified filers get an extra $25 a week.
The stimulus increases weekly unemployment benefits by $25 through 2009. The increase is automatic; people who are collecting unemployment won't need to take any extra steps to boost their benefits.
Plus, you're entitled to a tax break. Unemployment benefits are usually subject to federal income tax, but the first $2,400 in unemployment benefits in 2009 will be tax-free.
The bill also lengthens the period for applying for the emergency unemployment-compensation program until December 31. That program provides up to 33 weeks of extended payments if you exhaust your regular benefits. Contact your state unemployment-benefits office for more information.
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See More From the Stimulus Guide
The New Stimulus Tax Credit
This tax break puts up to $400 in your pocket.
New Car Sales-Tax Deduction
Car buyers have till the end of the year to grab this above-the-line deduction.
New Homebuyer Credit
Take up to 10% off your purchase price.
Health-Care Subsidy for the Unemployed
Now there's extra help for paying COBRA coverage.
AMT Tax Relief
Taxpayers get a one-year fix on the alternative minimum tax.
College Aid Gets Fresh Funding
Rather than introduce big new ideas, this bill mostly replenishes underfunded programs and increases amounts available to families.
As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.
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