How You Can Lose Your $1,400 Stimulus Check By Filing Taxes Early

How You Can Lose Your $1,400 Stimulus Check By Filing Taxes Early

Sigrid Forberg   Mon, February 22, 2021,

It often pays to file your taxes promptly (hello, early refund), but this year some taxpayers may want to wait a bit — to get more cash in the third round of COVID stimulus checks.

Though many Americans stand to receive a higher payment by submitting their 2020 return quickly, that's not true for everyone. Your 2020 taxes might, in fact, keep you from receiving the full $1,400 in the new go-round — or prevent you from getting any stimulus check this time.

If you're counting on pocketing the maximum amount, so you can use the money to invest, build up your emergency savings or pay down debt, here’s why you may want to put your taxes on hold.

You qualify for a stimulus check based on your income

The new stimulus checks are part of a $1.9 trillion pandemic relief bill that's headed for crucial votes in Congress. If all goes as planned, these third payments could start going out during the second half of March.

As with the first two rounds, the next checks have income limits. The $1,400 payments phase out; under the current bill, smaller amounts will go to:

Individuals with adjusted gross incomes (taxable income before deductions) over $75,000 but lower than $100,000.  Married couples who file taxes jointly and have incomes above $150,000 but under $200,000.

Head-of-household filers with incomes higher than $112,500 but less than $150,000.

You get no stimulus check if you're a:

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