You may still be able to get third $1,400 stimulus check if you file your taxes NOW – even if you didn’t quality before

AMERICANS may still be able to get their third $1,400 stimulus check if they file their taxes now, even if they did not qualify before.

Filing taxes sooner than later will ensure Americans will get relief money or allow for taxpayers to possibly receive a larger stimulus check, according to reports.

However, Tax Day 2021 has been pushed back until May 17 without penalties and interest, so you still have time to file.

With the newest Covid relief plan, single taxpayers would receive a $1,400 check and joint tax filers would get $2,800 – in addition to $1,400 for each dependent. 

The credit would begin to phase out between $75,000 and $100,000 of adjusted gross income, or between $112,500 and $150,000 for head of household tax filers and between $150,000 and $200,000 for joint filers.

That means the credit would be zero for taxpayers at the $100,000, $150,000 and $200,000 adjusted gross income levels, based on their filing status. 

The plan also includes a child tax credit that would give millions of American families at least $3,000 for each child, ages six through 17.

And $3,600 would be given for each child under the age of six, for a single year.

Anyone who may have had a drop in income in 2020 is advised to file taxes soon to report a lower income and maintain their likelihood of receiving a check.

Taxpayers' most recent tax returns will determine if they will be eligible for a third stimulus check.

"If the IRS processes it in time, they’ll use the most recent year to qualify taxpayers for the third round of economic stimulus payments," says Meredith Tucker, tax principal at Kaufman Rossin, told USA Today.

"But, if you are passed over for round three because your 2020 tax return hasn’t been submitted or processed in time, then you should be able to claim a credit on your 2021 taxes."

The Internal Revenue Service (IRS) uses the adjusted gross income in the most recent tax return to determine the amount of the third direct payment. 

Adjusted gross income is taxable income minus the standard deductible or itemized deductions. 

Americans who want to maximize their payouts should log in to a tax software program and file their 2020 return immediately, if their household income dropped last year due to the coronavirus pandemic. 

Doing that will mean the IRS will go off the 2020 return instead of the higher 2019 tax return. 

The thresholds set for the third stimulus check are the same as the ones in the first two direct payments.

The third stimulus payments phase out until $100,000 annual income for individual filers, $150,000 for heads of household and $200,000 for couples filing jointly.

According to recommendations from CNET, Americans should make sure that they have their direct deposit set up with the IRS when they file their 2020 tax return to ensure the process is sped up.

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