- Paying your taxes too soon could leave you without a third check
- Submitting your tax returns on time is good
- But it should be done within the period recommended by the IRS
Submitting your tax returns early is the best option, but it should be done within the period the IRS recommends, since paying your taxes too soon could leave you without a third check.
The Internal Revenue Service (IRS) notes that filing your returns in a timely manner would help prevent fraud and speed up the arrival of the third check.
However, the diary The opinion warns of the possible ‘risks’ of making your statements too ‘early’. Although the period from February 12 to April 15 is the one that the IRS has established for the delivery of its returns, there is a recommendation for some taxpayers.
Who should wait to file with the IRS?
According to the Los Angeles newspaper article, the suggestion about filing your return too ‘soon’ is for those people who had higher incomes during 2020 compared to 2018 and 2019. The above, due to the discussions about eligibility in the new stimulus presented by Biden they are still being carried out in Congress and the ‘cap’ on annual income could be modified.
The IRS will take the most recent tax return to process the third check. If your 2020 return shows income higher than the limit that Congress sets, it is very likely that you will not be eligible to receive the third check.
What if I had less income in 2020?
Unlike people who obtained higher incomes, those who report lower amounts during 2020 are recommended to file their declaration as soon as possible.
In this way, by filing your 2020 tax return on time, it would be taken into account to process your third coronavirus aid check.
What is the annual income limit?
The annual income limit that is still being discussed in Congress has been set at $ 75,000.
Here’s a small number, $ 8,200. A family that earns $ 75,000 and has two children, in other words, a family of four with two children, will receive $ 8,200 in direct aid, ”said Senate Democratic leader Chuck Schumer.
Schumer also revealed that the new stimulus presented by Biden will provide up to $ 8,200 in direct aid for American families.
Filed Under: Tax Third Check
Which are the requirements?
Thanks to the statement of Senator Chuck Schumer, we now know what the essential requirements are to access this $ 8,200 grant.
Families made up of two parents with two children will be the biggest beneficiaries. However, they must earn less than $ 150,000 a year, which means $ 75,000 individually, to be eligible.
It is worth mentioning that the $ 8,200 of aid includes direct checks and the increase in the tax credit for children, according to the Democratic legislator, who also stressed that “both have great support among the Democrats in the Senate.
In order to claim the ISR child tax credit, it is necessary to meet basic requirements such as: being married, that your child or dependent is eligible and the date of birth, according to the official website of the IRS.
What documents might you need?
Another document that could be extremely important is proof of the child’s birth, which also contains the date of birth.
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Filed Under: Tax Third Check
The post Third check: Paying your taxes too ‘soon’ could leave you without help appeared first on Hispanic World.