Could Doing Your Taxes Early Cause You to Miss Out on That $1400 Stimmy??
American households could receive a $1,400 stimulus check in a matter of weeks as Congress barrels ahead to pass President Biden’s nearly $2 trillion coronavirus relief package.
Lawmakers are hoping to send the legislation to Biden’s desk before March 14, which means if the relief package is passed, the IRS could begin distributing the latest round of cash payments in the middle of tax season.
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Here’s the thing – The IRS will most likely look at your most recently filed tax return to see if you qualify for the stimulus check.
Because a lot of folks lost their jobs in 2020, filing early may help them qualify for the full $1,400 stimulus check. If you don’t file before the package passes, the IRS may have to look at your 2019 taxes.
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The legislation provides for stimulus payments that amount to:
– $1,400 for a single taxpayer, or $2,800 for a married couple that files jointly, plus $1,400 per dependent.
– Individuals earning up to $75,000 would get the full amount as would married couples with incomes up to $150,000.
– The size of the check would shrink for those making slightly more with a hard cut-off at $100,000 for individuals and $200,000 for married couples.
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