The second round of stimulus checks is on the discussion table with lawmakers, Congress will decide whether to pass a "final" coronavirus relief package in the coming weeks. Previously the IRS was able to deploy millions of one-time checks of up to $1,200 per individual or $2,400 per married couple, plus $500 per child under 17.
Second round stimulus checks will call for checks of $1,200 per individual who earns up to $75,000 or $2,400 for couples making up to $150,000. The payments are going to be reduced for income above those levels and phase out completely at $99,000 for individuals and $198,000 for married couples.
For you to make sure you will get that additional stimulus money, it is recommended that you file your federal tax return as soon as possible to secure the stimulus check. Although the federal income tax deadline was extended by the IRS from April 15 to July 15, filing your 1040 early may increase your eligibility for the second stimulus check especially in the scenarios where individuals had lower earnings in 2019 or if you have additional dependent in 2019.
If you need help with filing your 1040, please visit https://www.xqcpahouston.com/tax-preparation-1040 or check out our video on it on our YouTube channel. You can also book an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php or just call us at 832 295 3353. We are here to help!