HARTFORD, Conn. (WTNH) — Congress has been going back-and-forth on the third round of COVID-19 pandemic crisis economic stimulus checks for a couple of months, but they are getting closer to an agreement. So what should you do to put yourself at the front of the line to get one?
Seems like it’s in the news every other day. Congress is close to voting on a stimulus check, President Joe Biden recently saying “go big.”
But not much is known about the fine print, we talk to an expert about it.
Njeri Collier with Collier Tax and Accounting says “There are a lot of proposed things that they [Congress] want, credits that they want to put in, and we’ll see how far it gets.”
Whether it’s tax deductions or straight out stimulus checks, Congress is all over the board and so are the numbers.
First, it was $2,000, then $1,400. Collier says filing early is the best way to go.
“As far as the $1,400 goes, if they want to do another stimulus payment, yes it would help if people filed early, that way the IRS would have the correct information for issuing that particular stimulus payment.”
And while filing early is good, filing electronically is even better.
That’s because if you file with paper, you’re going to get a paper check; if you file electronically then when the checks start rolling out the government will just immediately deposit it right into your bank account you most recently used on your most recent income tax.
Collier said, “Especially with the issues we have been having with the mail, and the fact that the IRS is understaffed to handle paper processing of tax returns, it just makes a lot more sense to file things electronically.”
And if you didn’t get one or both of the first round of stimulus checks, if you qualify you may be able to get them in your tax returns.
“If you didn’t receive a stimulus payment yet, then you’re going to have to reconcile it on your 2020 tax return with the recovery rebate credit,” Collier explained. “That is when you’ll actually get the stimulus payments in your refund if you’re eligible for it.”
Keep in mind, to qualify for the last two stimulus checks a single person had to make under $75,000 a year, a married couple filing jointly under $150,000. The third time around, though, the qualifications may be different.