A potential $3,200 or more in stimulus money is why many between 17 and 24 should file taxes early this year

Many taxpayers who were eligible for stimulus checks either didn't receive any or didn't get the correct amounts. 

About 13 million young people aged 17 to 24 who were listed as dependents on their family's taxes were not eligible to receive stimulus money, based on last year's tax returns for 2019.

If dependents between 17 and 24 and some older file a tax return and won't be claimed as a dependent for 2020 taxes due this year, they should receive $1,200, plus $600, plus whatever comes next, likely $1,400, for a total of $3,200.

The $1,400 may turn into $2,000 by the time the stimulus law passes, or it may be less, but political promises were made during the election which should limit lower amounts.

Filing taxes early could speed up delivery on any additional stimulus coming later.

No comments: