Another round of coronavirus stimulus checks may be on the way if lawmakers can ever come to an agreement on a massive relief package, but the Washington gridlock could be to your advantage.
That’s if you get your 2020 taxes filed quickly.
With the Internal Revenue Service already accepting last year's tax returns and doing so until April 15, the passage of a new relief bill could land smack dab in the middle of filing season. If the checks are approved and routed during that time, households that lost income or had a child in 2020 will see differing amounts.
Each individual’s most recent tax return determines their stimulus check payment, so if you’re not filed by the time a deal is approved, the IRS will likely rely on your 2019 tax returns to calculate a payment.
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"I would suggest that people file as soon as possible, especially with 75 percent of taxpayers last year receiving a tax refund close to $3,000," TurboTax’s Lisa Greene-Lewis told CBS News. "We are hearing a lot of people say ‘I had a baby in 2020, how will the IRS know this? When they issued the previous stimulus payment they didn't know that.'"
Part of the delay comes down to threshold qualifying amounts for stimulus payments under negotiation between lawmakers.
If approved, the check would be the federal government’s third issued since the start of the COVID-19 crisis.
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