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IPFS News Link • Internal Revenue Service

Exploit a Huge Covid Bill Loophole to Legally Get More Free Money

• https://www.thestreet.com, Mish

Free Money Coming Up

The latest payments are $1,400 per household member, including adults, children and adult dependents provided you are under the cutoffs. 

However, there are some interesting tactics you can take to get money faster and stay under the cutoff threshold via delayed filing.

How big are the payments?

The latest payments are $1,400 per household member, including adults, children and adult dependents such as college students and elderly relatives. Adult dependents were ineligible for prior rounds of payments.

Who is eligible for the stimulus checks?

Yes. Individuals with adjusted gross income up to $75,000, heads of household with AGI up to $112,500 and married couples with AGI up to $150,000 will get the full payments. Above that, the payments phase out. 

What information will the IRS use to determine the size of payments?

The government will use the information it has on file from the 2020 tax return if that has been processed. It will use information from the 2019 tax return if that is the only one available to the government.


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