*Maybe you have already filed your 2020 tax returns and are awaiting the passage of Congress’ relief package that will feature the $1,400 stimulus check to individuals and couples, which will be the third round of payments since the COVID-19 pandemic started one year ago. Maybe you are waiting to file your taxes once the Stimulus Bill has passed – and “it should” pass sometime in March.
Whether you get the full payment, a portion of it, or miss out altogether, depends on many factors, which Congress is now debating. Looking at those who got the first two stimulus payments “in full” was predicated on individuals who made less than $75,000 per year, and couples who made less than $150,000 per year.
While some people have already filed their 2020 tax returns, some experts believe it is better to wait because doing the taxes early can result in certain people missing out on the $1,400 third stimulus check, according to a post at iHeart.
According to a recent post by Dave Basner, VP of Content Strategy at iHeart Radio, those who are seeking the Stimulus checks, should do their homework. The IRS used 2019 tax returns to make the decisions as to who gets what. The government agency will do the same for the third round of payments…unless you submit your 2020 tax returns which will allow them to use those figures instead.
This means if you got the first two stimulus checks because your 2019 earnings met the requirements, but then last year had changes to your finances, such as maybe you got a new job with higher wages and you now no longer meet key requirements if you file your 2020 taxes now, you will not get the third stimulus check. If you still need the check, your best bet, according to tax experts, is to hold off filing your taxes until Congress passes the new relief bill in mid-to-late March. However, the Bill could be delayed in Congress, which has happened before as it relates to the passage of bills. With taxes due on April 15 – if the date is not extended – it may be a close call when to file your taxes.