Why do you think that you need to mail your 2020 Federal tax return? Do you refer to the third stimulus? Or the first two stimulus payments? Please clarify.
Your tax return may be e-filed and the IRS and the states prefer that form of processing.
This TurboTax Help about the American Rescue Plan states:
Third Stimulus Payments for Individuals and Joint Taxpayers
Those eligible will get up to $1,400 in stimulus payments for each taxpayer in their family plus an additional $1,400 per dependent. This means a family with two children could receive $5,600.
Unlike the previous two rounds, you will receive stimulus payments for all your dependents, including adult dependents and college students.
Although you may want to file your 2020 return now in order to provide your most recent information to the IRS, including bank account information, you don’t need to do anything to get your stimulus check. The IRS will determine eligibility based on your last tax return, either 2019 or 2020, and will likely send your payment to the bank account where your tax refund was deposited.
So, how do you know if you may be eligible to receive a third stimulus payment?
If you have an adjusted gross income (AGI) of up to $75,000 ($150,000 married filing jointly), you should be eligible for the full $1400 stimulus payment.
*Note, adjusted gross income (AGI) is your gross income like wages, salaries, or interest minus adjustments for eligible deductions like student loan interest or your IRA deduction. Your AGI can be found on line 8b of your 2019 Form 1040 or on line 11 of your 2020 Form 1040.
As your AGI increases over $75,000 ($150,000 married filing jointly), the stimulus amount will go down. The stimulus check rebate will completely phase out at $80,000 for single filers with no qualifying dependents and $160,000 for those married filing jointly with no dependents.
Once again, mixed-status households (households with different immigration and citizenship statuses) will be eligible for stimulus payments.
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