Thursday, February 25

Can someone lose the stimulus check for filing their taxes prematurely?

To secure the check, people must delay their declaration, as it will condition the federal response

ECONOMY. The check will begin to be distributed when there is agreement in Congress / Pixabay

While Congress is still fine-tuning details on President Joe Biden’s economic stimulus bill, millions of Americans are looking forward to the aid check in the face of the harsh financial impact of the COVID-19 pandemic.

However, not everyone hoping for the benefit would have the money.

In accordance with Yahoo Finance, those taxpayers who have obtained higher income in 2020 and the figures exceed those stipulated by the federal government, would see checks with lower amounts and may not even obtain them.

The source explained that to ensure the amount, people will have to delay their declaration, as it will condition the federal response. As in the two previous rounds, the benefit will go hand in hand with what is exposed at the tax level.

Although it is known that the check for $ 1,400 will go to people with incomes less than $ 75 thousand in the fiscal year, the amount of money will be reduced for those who add between $ 75 thousand and $ 100 thousand in the same period; married couples with salaries between $ 150 thousand and $ 200 thousand; and heads of families with an accumulated between $ 112,500 and $ 150,000.

It may interest you: Stimulus payments will be cut for people with government debts

Outside

Others could be in a worse situation. According to Yahoo Finance, taxpayers reporting income over $ 100,000 will not receive the check. The same for couples who earn $ 200 thousand or more, as well as heads of household with $ 150 thousand or more in the period.

Although the crisis caused by the coronavirus pandemic also had a strong impact on the finances of Americans, others had higher income, hence the government’s response when issuing payments.

Waiting

The lower house is expected to vote on the bailout bill by the end of this week, a proposal that should go through easy approval given the dominance of the Democrats in the instance.

However, the next step would be to take the proposal to the Senate. Group parity hinders the situation, especially after a group of senators met at the White House with President Biden at the beginning of the year to present him with a package greater than $ 600 billion, much less than the $ 1.9 billion presented by the agent in his project.

As the parties agree, the clock keeps ticking. Congress is expected to finish the task of finding a middle ground on the new economic stimulus package in mid-March to avoid cutting benefits for its citizens.



eltiempolatino.com

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