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Timing for Tax Filing

March 9th, 2021 at 03:26 am

I’ve probably mentioned before that we received stimulus payments during 2020 because they were based on 2019 income. We lucked out because 2019 is the last year the twins qualified for the child tax credit and that positively impacted the payment we received. Our adjusted gross income is within the phase-out range but even the reduced amount was a pleasant surprise.

 I’ve held off on filing our 2020 tax forms because we’re going to owe money this year as a result of the unexpected stock bonus just before the company went public last year. It could be that my delay will work in our favor and result in another reduced stimulus payment. I’ve read that the phase-out range is smaller and steeper so even if we qualify, it may be next to nothing. But again, anything would be a pleasant surprise.

 

 

Posted in Personal Finance | 1 Comments »

1 Responses to “Timing for Tax Filing”

  1. Wink Says:
    March 9th, 2021 at 01:56 pm 1615298208
    1615298208

    I did the opposite. My 2020 income was much lower then 2019 due to retirement, so I filed a couple of weeks ago to be sure I would receive the full amount of the next stimulus check once it looked like the income requirements would change for this next round.

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