Stimulus Checks: Should You Submit Your 2019 Tax Return For The Coronavirus Stimulus Bill Immediately?

Mar 28, 2020 11:25 PM ET

The $ 2 trillion stimulus package was signed by President Donald Trump on Friday.

The Corona Virus Aid Plan will offer a unique benefit to Americans based on their adjusted gross income.

If the IRS has your tax return for 2019, it will use these numbers to calculate your performance.

If not, numbers from your return in 201

8 will be used. (If you haven’t submitted a tax return in either year, there are other ways the IRS can track you down.)

If you haven’t submitted your taxes for 2019 yet, should you do so?

Could be.

Perhaps you have decided to wait for your return in 2019 because the federal government has extended the tax period from traditional April 15th to July 15th.

The state of New Jersey is expected to follow the example of the IRS, but the state has not yet officially made an extension.

If you think you will owe money, learn why you might want to wait for the submission. The same applies if you are just a procrastinator.

But when it comes to stimulus testing, the lower your income, the greater your benefit.

This means you have the option of comparing the two tax returns to determine which one would result in a larger stimulus check.

You may have to submit the return in 2019, so don’t move it. And if it turns out that you owe money and the 2019 yield would offer less of an incentive, you can simply hold back the submission of the return.

Use our stimulus calculator to determine your expected check.

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