A $1,400 stimulus check could be hitting your bank account or mailbox soon.
Well update this post as more information becomes available.
What are the income limits for the $1,400 payments?
This post refers to stimulus checks issued in March 2021. For the most up-to-date info, check out ourrecent tax articles.
Is there a credit for children?
Yes, youll receive an additional $1,400 for each dependent, regardless of their age.
That includes not only children but adults who count as dependents.
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What tax year will payments be based on?
Your payment will most likely be based on your 2020 income if youve alreadyfiled your tax return.
If you earned more in 2020 than in 2019, you couldget more stimulus money if you delay filing.
You could also be eligible for more stimulus money from the first two checks based on your 2020 return.
Can I qualify based on my 2021 income?
Thats because the payments are an advance on a 2021 tax credit.
Theres no clawback provision for stimulus checks, meaning you wont have to pay it back.
Do I get my own check?
Are the checks taxable?
Yourstimulus check isnt taxable.
That applies to this round and the previous two.
Ive never filed taxes before.
Can I get the third stimulus check?
Yes, but youll need to file a 2020 tax return, even if youre not required to.
The important thing is to file online instead of submitting a paper return.
The IRS is facing an enormous backlog of mail due to COVID-19.
Submitting by mail could add months to your wait time.
Im on Social Security and dont have to file a tax return.
Do I have to do anything to get my check?
The IRS can get the information it needs to cut you a check fromSocial Security.
No action should be required on your part.
I owe child support.
Will I get the third stimulus check?
When will I get my payment?
Biden said on March 6 that checks would start going out this month.
Taxpayers who have current direct deposit information on file with the IRS will get their checks fastest.
The tracker isnt live for the third round, but well update this post when it becomes available.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
She writes the Dear Penny personal finance advice column.
Send your tricky money questions to[email protected].
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
