Tax Filing Tips To Ensure Largest Possible 3rd Stimulus Payment

DALLAS (CBSDFW.COM) - With Congress moving ahead with the $1,400 stimulus checks, Americans could see the direct payments by the end of the month.

For a family of five, with two parents and three children, their stimulus payment could be $7,000 as all dependents will also receive a $1,400 payment.

On Wednesday, March 3, the Senate is expected to take up the latest relief package where it will likely face GOP challenges. The House passed the $1.9 trillion coronavirus relief package on Saturday.

"Now it's just a matter of timing," said Greg McBride, chief financial analyst for Bankrate.com. "The $1,400 which has been talked about now for a couple of months is very close to becoming a reality."

Many expect a stimulus package to be passed before March 14 when enhanced federal unemployment benefits are set it expire.

Adding a wrinkle to the rollout of a possible third round of stimulus checks is the tax filing season.

Even though Texans, due to the winter storms, have been given until June 15 to file taxes, waiting to file could be the difference between getting a stimulus check by April and getting the money next year.

To determine who qualifies, the IRS will likely use whatever the latest tax return it has on hand.

If your income dropped last year due to the pandemic, you'll want to file your 2020 return soon. That way, the IRS won't rely on the higher 2019 income.

"It's not that you won't get your stimulus payment if you don't file your 2020 taxes right away. It will just be delayed," McBride said. "At a time when so many people are having to make difficult decisions because they have limited dollars coming in, every day matters."