The IRS has already begun processing federal income tax returns for 2020 on Friday 11 February
Photo: PAUL J. RICHARDS / AFP / Getty Images
This year it would be convenient for you to do your tax return as soon as possible, since, depending on your financial situation current, they could give you a check with more money .
The IRS began processing federal income tax returns for 2020 on Friday 12 February, right in the middle of a debate in Congress to see if they would pass a third round of economic stimulus checks to help people overcome the coronavirus crisis.
These two issues are linked , because the government relies on tax data to determine how much money to give to each U.S. citizen.
Remember that for the first two stimulus checks, only the single taxpayers who earned $ 75, 000 or menu you and married couples who earned $ 150, 000 or less receive the total amount.
People who earned more than these limits were The support money was decreasing, until it reached zero .
However, as expected, the income of people in 2020 changed dramatically in most of them. For this reason, the government should have updated figures for your earnings from last year, as this will decide how much money to give you in a third stimulus check, which could help you.
Here’s how.
For example, let’s say you won $ 200, dollars in 2019. Then the pandemic came and you had to change jobs and earned only $ 20, 02 in 2020. If a third stimulus check is approved with an income limit of $ 75, 000, and the IRS only has your salary of 2019 registered, the government might think you are NOT eligible to receive the full check, as explained in Money .
But if the IRS relies on your statement of 2020, you will see that your income decreased, so you could give you the stimulus check with more money .
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