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Tax filings prove important for old, upcoming stimulus checks

A third set of stimulus checks are currently under negotiation in Washington, D.C., and it could be extremely beneficial for most Americans to file their taxes as soon as possible.

The most-recent income information that the IRS has on file will be what is used to determine how much of a stimulus check you receive. So, if your income significant declined in 2020, then filing your 2020 return would be important. Otherwise it could be based on 2019 income levels.

Another important point here: Your 2020 tax return is also an opportunity to get money from previous stimulus checks that might not have come.

“I would suggest that people file as soon as possible, especially with 75% of taxpayers last year receiving a tax refund close to $3,000,” Lisa Greene-Lewis, a tax expert with TurboTax, told CBS. “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.’”

At this point, most Americans are expected to get $1,400 stimulus checks in the third round of relief funding.

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