This is your formal reminder, if you are close to a phase out or did not receive the Part 3 Stimulus of $1400 AND you filed an extension, AND your return may get you qualified for the $1400 stimulus, GET THOSE TAXES FILED!
Third Stimulus Look Back Reminder IMPORTANT Tax Filing Date Those Close To Phase Out
As mentioned here in great detail and in our Q 2 2021 Newsletter, one week from today, the IRS will look back on those who were phased out by their incomes on their 2019 Returns and did not receive phase III stimulus of $1400 …
Individuals earning $75k will be phased out at $80k and JT $150k phased out at $160k
Individuals/Families who had a higher 2019 income that knocked them out of some or all of the stimulus original money but a lower 2020 income assuming this person would have qualified for the $1400 per person stimulus based on year 2020 … what the IRS is going to do concerning this matter is on September 1st 2021 they’re going to review all of the 2020 tax returns for folks who had not received the $1400 credit for them and their family and if they meet that threshold they will then receive the $1400 credit period remember this is the much faster phaseout of only $160k and $80k Joint and for an individual.
Bottom Line: If you are close to the phase out and have not filed your Tax return, do so before September 1, 2021!
Have a Great “Phase III Stimulus Reminder” Day!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth