ATAX Marble Hill tax experts discuss how you can qualify for a stimulus this tax season.
A third round of stimulus checks recently hit the bank accounts and wallets of many U.S. citizens. However, not everyone qualifies for a stimulus, and amounts can vary from one person to another. The ATAX Marble Hill tax experts recently discuss how you can qualify for a stimulus check.
The American Rescue Act Plan went into effect on March 11, 2021. This law provided another round of stimulus checks for many citizens. Qualifying taxpayers received or will receive $1,400. However, the experts at ATAX Marble Hill explained that not everyone will qualify for a stimulus. Some individuals who received a stimulus check during the first round of payments may not receive one this time.
First, individuals must possess a valid social security number (SSN) to qualify for a stimulus. However, an individual without a valid SSN who is on active duty with the military will receive the $1,400 stimulus check.
“You may not receive a stimulus check if your personal adjusted gross income (AGI) exceeds $80,000,” ATAX Marble Hill experts said. “However, head of households can earn up to $120,000 and still receive the stimulus while married households filing jointly cannot exceed $160,000.”
To qualify for a stimulus check for your dependent, that dependent must have a valid SSN. They not be claimed as dependent by any other person. Adult dependents must have made less than $4,300 in 2020, to qualify for these dependent benefits. Their SSN must be included in your tax return, and they must receive at least half of their financial assistance from you.
“Some individuals may benefit from filing their 2020 taxes before the new May 17, 2021 deadline,” ATAX Marble Hill tax experts said. “If you didn’t qualify for a stimulus based on your 2019 taxes, but suspect you will qualify based on your 2020 taxes, it is better to file your 2020 taxes now. Those who haven’t received stimulus checks yet may still be eligible if their taxes are submitted before the stimulus check is processed.”
Those who have yet to receive their stimulus checks can log onto the IRS.gove website and follow the instructions using the “Get My Payment” tool. A response of “Payment Status Not Available,” could mean that you don’t qualify for this round of payment. However, it may also mean that the IRS needs more information or your payment simply hasn’t been processed yet. Understanding the required qualifications for receiving a stimulus check will help you determine whether you should receive a payment or not.
An expert tax preparation team, like those at ATAX Marble Hill can help you navigate your 2020 taxes, and the effects these stimulus checks have had on them.