Here’s when you should file your tax return if you want to get the full $1,400 stimulus check under Biden plan

AS CONGRESS tightens eligibility for the third round of Covid stimulus checks, some Americans might want to consider the timing of their next tax return to get the full $1,400.

President Joe Biden has approved a lower income cap – $80,000 for individuals and $160,000 for married couples – for the next round of stimulus checks.

An analysis from the Institute of Taxation and Economic Policy estimated that more than 16 million Americans will now not be eligible for the next round of checks.

Still, the amended Senate bill would benefit 86 percent of adults and 85 percent of children, according to the analysis.

The stimulus bill could be passed by the Senate today, meaning a vote on final passage could come over the weekend.

To get the maximum amount of cash possible, Americans should consider strategically timing their tax returns.

Anyone earning up to $75,000 a year is set to receive a $1,400 check – but the amount will shrink for people with incomes between $75,000 and $80,000.

And importantly, the authorities will determine the size of the payment based on your most recent tax return.

Depending on your financial circumstances, it might be better to submit the 2020 return before the legislation comes into force, or wait until the payments start being sent out, the New York Post reports.

If you lost your job last year, or your income decreased, it would be best to get your 2020 tax return in as soon as possible.

If you don't, the payment will be calculated using the 2019 return, which means you could get less money if you earned more than $75,000 that year.

But, for people whose incomes increased in 2020, you might want to wait until the IRS sends out a check based on your 2019 income.

This is because it could result in a larger payment depending on how much your income has changed.

Biden's legislation states you wouldn't have to pay back the difference if this happens.

The deadline for filing your 2020 tax return is April 15.

And remember, anyone who earned more than $80,000 in 2019 or 2020 won't be eligible for a stimulus check at all.

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