Feb 23, 2021
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About this Deal
The earlier you file, the theory goes, the easier it will be for the Internal Revenue Service to base the anticipated third stimulus payment on your 2020 income in time for any possible rollout of checks in late March. Congressional Democrats have an incentive for passing a stimulus plan in the coming weeks, given that millions would lose unemployment benefits by April without another stimulus package.
The third stimulus payment is based on such things as whether you're filing single or married filing a joint return; how many dependents you have, and your adjusted gross income.
Mind you, the $1.9 trillion coronavirus relief plan continues to be debated in Congress and we don't know the exact income limits or possible restrictions for who will get a check.
The third stimulus plan calls for payouts of up to $1,400 for singles and up to $2,800 for married couples.
President Joe Biden's plan also calls for giving an extra $1,400 for dependents, regardless of age. The proposal calls for additional payments to go to all dependents, not just children 16 and younger.
Even so, some might look at the possibility of another stimulus check as another incentive for doing your taxes ASAP.