Stimulus Check Affect 2021

If you get a payment this year it won t reduce your future tax refund or increase what you owe when you fi.

Stimulus check affect 2021. The payment was based on how much income you received during the year either 2018 or 2019 depending on if you filed your 2019 tax return before receiving your eip. Your stimulus check is based on your 2019 or 2018 adjusted gross income agi. The coronavirus pandemic has killed millions around the world and sickened far more but even those who have managed to stay healthy have seen their lives upended by job losses decreased income or other turmoil created by an economy that has been kneecapped for months.

A lot of americans will find that by the time they re filing their 2020 tax return their circumstances have changed in one of the two ways that affect your stimulus check amount you could gain or lose a dependent for example or your income could change. Do i have to pay my stimulus payment back when i file my taxes in 2021. 3 social security changes that could affect you in 2021 maurie backman dec 14 2020 dec 14 2020 featured button text facebook.

Check out this video to learn more about the implications the next round of stimulus payments will have on your 2021 taxes and to see how you can make sure you receive all the money you re. Sure it could happen whether or not the latest economic relief package passes with or without a second stimulus check it s likely that we ll see yet another. Even if no stimulus check is approved in 2020 the discussions happening now could impact the stimulus check conversation in early 2021.

Let s say that you file a single federal income tax return and your 2019 agi was 100 000 too much to get a stimulus payment which phases out at 99 000 for individuals. A third stimulus check in 2021. Whether or not the latest economic relief package passes with or without a second stimulus check it s likely that we ll see yet another relief effort underway in 2021 when president elect.