Here’s How To Get The Biggest Stimulus Check Possible
A third round of stimulus payments should be sent out by the federal government in the next month or so, and it's important to pay attention to when you file your taxes
Eligibility for receiving the full amount of the payment is based on income. The higher your income, the less you get.
The senate passed the bill on Saturday, but it goes back to the House for a final vote before heading to the President for his signature.
People who make the least amount of money will likely get $1,400 per individual filer or $2,800 for married couples and another $1,400 for each dependent. Single people who make up to $75,000, head-of-household filers with a combined income of up to $112,500 and married couples with combined income up to $150,000 will receive less than that.
If you make more, you'll receive less.
Tax season is here and it's important that the IRS sees the lower of your tax returns between 2019 and 2020. Here's why:
Did you get married or have children or lose your job or make another change that changed your income in the past year?
If your 2019 income is higher, you want to hurry and file your 2020 income taxes. That gets your refund moving faster, if you’re owed money. But it also gives the IRS the lower 2020 income to calculate your stimulus. If your 2020 income will be higher, you can delay your tax filing and let the IRS base your stimulus amount on last year’s income.
If you're not quite sure what you should do, there's good news! There’s an online calculator to help you figure out approximately how much you could get from your tax return this year, so you can use that to determine when to file for the stimulus payment.
Regardless of what you end up doing, you have to pay your taxes by April 15th. That is, unless you request an extension.