New York :
Currently, the IRS is already accepting 2020 tax returns.
Photo: ADEK BERRY / . / .
The proposal for the third most recent stimulus check states that the IRS will determine what your total payment will be based on the total income you reported in 2019 or 2020. That is, what the IRS most recently recorded when the check was mailed.
This can have several implications for you. For example, if you made more money in 2020 than in 2019, but the IRS uses your 2019 return, the IRS will give you more money on the stimulus check.
Fortunately, if this happens to you, you will not have to return any of the extra money they gave you, as reported by CNET.
On the other hand, if you should be given a third full check for $ 1,400 based on your 2020 taxes, but the IRS gives you less money based on your 2019 return, so you can claim the money owed to you within a year, when you file your 2021 tax returns.
This missing money must be requested as a Refund Recovery Credit.
So you should keep in mind that The IRS will use the last tax return you filed to determine the amount of money it will give you on the third stimulus check.or, if it is approved.
Remember that the IRS is currently collecting tax returns for 2020, and it is recommended that you file yours as soon as possible.
And it is that the sooner you file your return, the sooner you will receive your tax refund, as well as any money from previous stimulus checks that you have not been given and that you have claimed in this year’s return.
Also, when filing your tax return, you also you will have the opportunity to set up direct deposit with the IRS or correct any errors, which could make you receive your third stimulus check faster.
-You may also be interested: House of Representatives could approve the third stimulus check next week