The last date for filing your income tax returns has been stretched to April 18, giving citizens a few days to get their tax papers in order before filing their returns. They have a week to file their claim for the $1,400 stimulus check under the American Rescue Plan Act.
The residents of Maine and Massachusetts have until the 19th. The administration issued the third stimulus check starting in March 2021 through direct deposits and later through paper checks.
But many Americans could be in line for a stimulus check due to changed circumstances in 2021. Families who welcomed a child into their family last year will receive an additional stimulus check worth $1,400.
Citizens Who Faced A Drop-In Income Or Had A Baby Eligible For A $1,400 Stimulus Check
People who had faced a drop in income in 2021, mainly due to the economic downturn induced by the pandemic, could be entitled to the third stimulus check. Under the American Rescue Plan signed by President Biden, individuals earning less than $75,000 and couples earning less than $150,000, are entitled to a stimulus check worth $1,400.
The payment will either come as a tax refund or as a deduction against tax payable.
Both these payments will become payable after such individuals and families have filed their income tax returns for 2021.
People who feel that they are not ready to file their returns before the April 18 deadline can file for an extension. But they should also deposit at least 90% of the tax money in advance before the deadline to avoid fines and penalties later.
An extension can be filed either online on the IRS website or through the mail. This extension will give you much-needed breathing space if you have not got all your papers ready.
There are several groups of people who have been exempted from filing before the deadline. Soldiers stationed in frontline stations are exempted from filing before the deadline.
