WREG.com

When you file taxes could affect amount of your stimulus check

MEMPHIS, Tenn. — With a third stimulus bill on the verge of being passed, some Mid-South residents will be receiving much-needed COVID-19 relief.

But there are some details and deadlines that could affect how much money Uncle Sam sends you.


With the Senate narrowly approving a 1.9 trillion dollar relief package, a third round of stimulus checks is at the proverbial one-yard line, on the verge of sending out much needed relief to millions of Americans.

The third check will operate similarly to its predecessors.

“It will be for single people that make under $75,000 and married couples that make under $150,000,” Lisa Brock, Owner JR’s Tax Service, said.

It’s estimated direct deposits could hit as soon as next week with checks arriving in two weeks.
But due to the timing, this third check could be based on a resident’s 2020 tax filings.

So, if you made more money in 2020, specifically more than $75,000, a later tax return filing might be beneficial, until after the third round of checks is sent out.

“If you made something that exceeds that in 2020, you may want to wait a while before you file,” Brock said.

On the flip side, the third round of checks will feature a large increase in tax credit for dependent children. Families will get $3,600 for each kid under six years old and $3,000 for every child from 6 to 17.

That’s up from $2,000 per child in the first two rounds of checks. So if you had a child during the pandemic, an early tax filing could pay off.

“They may want to go ahead and file because they could get the added benefit in the third stimulus checks,” Brock said.

The U.S. House of Representatives is scheduled to vote on the relief package Tuesday. If it passes, President Biden says he will sign it into law.