Should I file now or no wait?

[Karoko09]

We (as a family) made 149K the last year 2019, and 160K for 2020, I heard families making less than 150K will be receiving a $1400 stimulus check/tax credit, so my gut feeling is telling me to wait, but we also had a baby (recovery rebate credit) in 2020. should I wait or file now?

Thanks!

[gloriah5200]

Most taxpayers want to file as soon as they have all their information together and input into the return so they can get their refund sooner if getting a refund.

If you have a balance due, you can still file as soon as everything is input and ready to be filed and then be sure to make your balance due payment by the filing deadline to avoid extra late paying penalties and interest.

[Karoko09]

thanks for your reply, I dont have any balance.  I guess mine is a unique situation maybe. going back to my question, do you think I should wait or file now if I made more than 150k in 2020, but also had a baby last year

[DawnC]

You can file now.  We don't know what the parameters will be for any future payments.   It is all talk and nothing has been finalized, but since you have the baby now (congrats!), you want to be able to receive payments for them too.   

Even if you made 160K, you are still eligible for partial payments and that payment will be larger if you claim a child.   Even if you made over 150K, you are still eligible to receive a reduced amount.  Did you claim the recovery rebate on your return?   

[Karoko09]

thank you for your answer