Here’s how filing your taxes early could cost you a $1,400 stimulus check

American households could receive a $1,400 stimulus check in a matter of weeks now that the House has passed President Joe Biden's $1.9 trillion COVID-19 relief package. The Senate is expected to vote next week.

Lawmakers are hoping to send the legislation to Biden's desk before March 14, which means if the relief package is passed, the IRS could begin distributing the latest round of cash payments in the middle of tax season. The House is expected to vote on the package this Friday.

RELATED: Highlights of the COVID-19 relief bill passed by House lawmakers

The legislation provides for stimulus payments that amount to:

  • $1,400 for a single taxpayer, or $2,800 for a married couple that files jointly, plus $1,400 per dependent.
  • Individuals earning up to $75,000 would get the full amount as would married couples with incomes up to $150,000.
  • The size of the check would shrink for those making slightly more with a hard cut-off at $100,000 for individuals and $200,000 for married couples.

The IRS will most likely look at your most recently filed tax return to see if you qualify. Because many Americans lost their jobs in 2020, filing early may help them qualify for the full $1,400 stimulus check. If you don’t file before the package passes, the IRS may have to look at your 2019 taxes.

RELATED: Read the text: House Democrats publish full $1.9T COVID-19 relief bill — including $1,400 checks

According to Yahoo! Finance, since the stock market rallied in 2020 and home prices hit record highs, many people actually made more money than they did in 2019.

"Let's say you're a single tax filer, had adjusted gross income of $73,000 for 2019 but saw a jump to $90,000 in 2020. Your income from last year would disqualify you from a full $1,400 stimulus check, but not your 2019 income," Yahoo reports.

Get breaking news alerts in the FOX 35 News app. Download for iOS or Android

If that applies to you but isn’t a reflection of your current income, you may want to wait to file your taxes.

Watch FOX 35 News for the latest on the coronavirus. 

COVID-19 and the EconomyViral