Marnell Financial understands the importance of providing you with answers regarding the possible third round of Economic Impact Payments (more commonly referred to as “Stimulus Checks”). As of today February 18, 2021, Congress has not released any definitive rules regarding income thresholds beyond which the Payment is reduced or eliminated, or what tax year filings are being used when determining those thresholds.
The following details are only speculation until Congress releases finalized rules:
- Tax households can receive up to $1400 per Individual and $1400 per Dependent
- Income thresholds will likely be between
- Married Filing Joint $150,000 – 174,000
- Head of Household $115,000 - 124,500
- Single/Married Filing Separate $75,000 - 87,0000
A Bill releasing the finalized rules is expected to be introduced and put to a vote in February and would then be expected to be made official by the middle of March.
In order to maximize your benefit from the Economic Impact Payments, Marnell Financial may recommend we file your return later than otherwise expected. We might recommend this if your 2020 income is higher than 2019, or if you are within the thresholds listed above.
Marnell Financial will promptly provide you with more information once the official rules are published.