Posted Wednesday, Feb 24, 2021
You may be asking, “Will I get a stimulus check?” Under the relief bill currently under debate, that depends on your income as reported on your tax forms. So, maybe wait to file your taxes to ensure that you’ll receive the full $1400. Read on to see why.
If you’re unsure whether you’re even eligible for a full or partial stimulus, read our article “Will I Get a Stimulus Check- How to Calculate.” In short however, you’ll get the full $1400 if you file as an individual making less than $75,000 (or $150,000 if you’re filing jointly). However, the government uses your most recent tax return to establish your adjusted gross income. So, this could impact your decision to file your taxes now or wait a few weeks.
For many people, the pandemic of 2020 decreased their gross income as compared to 2019. If you fall into that group, you should definitely file your taxes right away, especially if your 2020 income was less than $75,000. In that way, the government would see a smaller gross income thereby moving you into a lower bracket; that may increase your chances of receiving the full $1400.
If the pandemic didn’t affect your income, your 2020 gross income may be greater than your 2019 income. In that case, you will be better off waiting a few weeks to file your income tax because the government will still be using 2019 figures to assess your eligibility for a stimulus check.
If you find yourself wondering, “Will I get a stimulus check,” maybe wait to file your taxes to ensure that you do.
Photo by REX WAY on Unsplash