Important Information!
Coronavirus stimulus FAQ:
1. Who will be eligible for stimulus money?
2. What tax year will my check amount be based on?
3. Who doesn’t get a check?
4. I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
After the Senate passed a historic $2.2 trillion economic relief package to help the devastated U.S. economy and to bring a sense of temporary financial relief to millions of Americans who lost their jobs practically overnight due to the COVID-19 pandemic, many are wondering exactly when and how they’ll receive their money.
1. Who will be eligible for stimulus money?
Individuals who make up to $75,000 per year as well as couples who make up to $150,000 per year should expect to receive the full amount of the stimulus check.
2. What tax year will my check amount be based on?
Individuals will receive payments based on their 2019 incomes but you can also use your 2018 return if you haven’t filed yet. If your income last year makes you ineligible, but you expect a drastic loss of income this year because of the virus, filing for unemployment appears to be the best option.
3. Who doesn’t get a check?
The payment is reduced by five percent of every dollar above the income mark of $75,000 per year and individuals who make over $99,000 as well as couples with a combined income of more than $198,000 will not qualify.
Joint filers who $198,000 or more per year are also exempt from receiving payment.
4. I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.
If you need help filing your 2018 or 2019 taxes, give us a call. We are here, we are working and our amazing team is ready to help you to get the money you deserve.
