How Filing Your Taxes Early Might Cause You To Lose Your $1,400 Stimulus Check

Most of the time, it's a good thing to be proactive about filing your taxes early. However, this year you may want to wait a little bit. There is a chance that your 2020 taxes may keep you from receiving the full $1,400 in the next stimulus check, or from receiving a check at all.

According to Yahoo Finance, the IRS will look at your most recent tax return in its system to determine how much money you can receive, if any. Many Americans experienced a loss of income last year which could qualify them for a larger stimulus check by getting their 2020 return tax in early. However, some people ended up making more money in 2020 than 2019 due to home prices hitting record highs and essential businesses thriving. If that is the case for you, it might be beneficial to hold off on filing your taxes for a few weeks.

Click here to read more details on whether or not you should put your taxes on hold.