While Tax Day 2021 has been pushed to May 17 from April 15, many are still wondering when a good time to file their taxes are.
For some, filing 2020 taxes means they'll be eligible for more money. However, for others, it could mean not being eligible at all.
Depending on how you file your 2020 taxes, you could be eligible for "plus-up" payments - in other words, payments that correct any changes to the money you were owed based on your 2020 tax returns.
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Here's what you should know, according to USA Today:
The IRS said Wednesday that President Joe Biden's American Rescue Plan includes more than $2 billion of "plus-up" payments for people who are eligible for additional stimulus after their 2020 tax returns have been filed.
The payments apply to those who have already received their early-March stimulus payment but are now eligible for more based on the information provided prior to Tax Day 2021.
In other words, if you made less money in 2020 than you made in 2019, you could be eligible for additional funds by filing your 2020 tax returns. These "plus-up" payments will be paid on a weekly basis going forward.
Should you have received your second stimulus payment by direct deposit, that's likely how your "plus-up" payment will also be received. Paper checks will be issued to those who don't have bank information on file with the IRS.
Dina Pyron, global leader of EY TaxChat, recommends getting in your tax returns early.
"If you haven't filed your 2020 return yet, just get it in," she said. "Once you file your 2020 return and you qualify for the $1,400 for you, your family and dependents, those payments will either be deposited directly in your bank account, or you will get an additional check."
Those who earn up to $75,000 per year are eligible for the initial $1,400, and can tack on another $1,400 for every dependent child.
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