The proposal for a third, $1400 stimulus check is swiftly moving through Congress. It’s expected that Democrats will be able to pass it through both the House and Senate in the next month or so, with or without Republican support. That means checks should be sent out to most Americans this spring. However, to make sure you get all the funds you’re eligible for as quickly as possible, there’s something you should make sure to do: file your taxes. Here’s three reasons why filing early this year could help you get your full stimulus check on time.
#1: Your Income Dropped in 2020
The IRS will evaluate eligibility for the $1400 stimulus checks based on your most recent tax return. Those earning less than $75,000 are eligible for the full stimulus check, while those above that threshold will receive less. If your income was above $75,000 in 2019 but less in 2020, you should make sure to file your taxes soon so that your income will be up to date by the time the legislation passes and checks are distributed (likely in March or April).
#2: You Gained a Dependent in 2020
Families with children under 17 and other dependents (including adult dependents like college students), will receive $1400 per dependent. If you have a new dependent since the last time you filed your taxes (for example, you had a baby in 2020), you should file now to make sure you get a stimulus payment for them. There’s no other way for the IRS to know how many people in your family are eligible for stimulus checks.
#3: You Moved in 2020
If you’ve moved since the last time you filed your taxes, you should file now with your new address to prevent delays in receiving your stimulus check, especially if you don’t have a direct deposit set up with the IRs yet. Some people’s first and second stimulus checks were delayed due to changes in address, and the same issue could come up with the $1400 checks. Keeping up-to-date information on file with the IRS will help you get your stimulus funds faster.
The $1400 stimulus checks are likely to be passed through Congress in the next month or so, and then checks will begin to be distributed throughout the spring. If you can, file your taxes now to prevent any holdups to getting your stimulus check. You can keep up to date on stimulus info with our trackers and blog posts in the Skip App. Download it in the App Store or Google Play to get push notifications on the latest news and services.