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Stimulus economic tax return 1040 form and US 100 dollar bills currency

Will There Be A Third Stimulus Check? 

  • President Biden signed the bill for the third stimulus payment yesterday. This round is $1400 a persona d it is staying within the same guidelines in the past so if you have an AGI of under $150,000 for a married couple, then you will qualify. If your AGI is over, then it will phase out like it has in the past. The payments will be starting as soon as tomorrow so watch for them to show up in your account!  

 

Do The Stimulus Payments Effect Our Taxes? 

  • You need to know how much you got for both to put on your taxes. The first stimulus was started in April and the second was in January. It is a requirement to put these on your taxes because if you didn’t get the full amount that you should of, then you will get a credit for it on your return. I know that the second one did not come out until 2021 but they still want it on your 2020 return. I would be willing to bet that we are going to be putting this third one on our 2021 tax return so make sure and keep a note of how much you got so that you are not scrambling next year to figure it out. 

 

Is There Any Extra Credits A Person Can Get If They Have To Pay In? 

  • My advice is to speak to a professional that can mentor and lead you in the direction that you need to protect you in the future. As for this year, you can always put money into your 401k or IRA until April 15th and that can help to lower your tax liability. I work closely with a financial advisor and together we help people with their finances. An Advisor tells you where to put your money and I tell you what happened when you did. 

 

How Can Putting Money In Help Someone? 

  • The biggest idea and hope is that you put money in and it lowers your AGI to bring you down a tax bracket. once you start pulling it out you will be in that lower bracket still and so you are actually saving the percentage difference that you would have been in. Another thing is that it is easier to come up with a hundred than a thousand so this helps expand that tax liability through a period of time rather than all at once. 

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