The timing of filing a 2020 tax return is extra important this year – if you get it right, it could lead to a bigger stimulus check.
The Senate this week is expected to take up President Joe Biden’s $1.9 trillion stimulus plan, which includes $1,400 stimulus checks to Americans receiving the full amount.
Thus far, the payments are based on the same requirements as the first two checks: The full amount will go to individuals with up to $75,000 in adjusted gross income and married couples filing jointly with up to $150,000 in income. In addition, children and adult dependents may also be eligible for a $1,400 check.
Of course, some of the details could change in the coming days as the Senate mulls the bill. Still, the timing of filing 2020 taxes before or after the stimulus is ultimately passed could make a difference in the size of stimulus check received.