Stimulus payments - round 3 (starting end of March) 
Treasury will make payments of $1,400 to eligible taxpayers. - A taxpayer is entitled to the payment/credit for him/herself and also for each dependent. Unlike prior versions of these cash payments, the additional amount is allowed for any dependent regardless of age. 
 - The advance payment is generally based on the taxpayer’s 2019 return, though the 2020 filing may be used if it has been processed by IRS.
 - The payment/credit amount phases out for taxpayers whose adjusted gross income is between certain stated thresholds:
  • Single filer adjusted gross income between $75,000 and $80,000.
  • Joint filers adjusted gross income between $150,000 and $160,000.
 - For those with adjusted gross income above the upper threshold amounts, no payment or credit is allowed.

Stimulus payments - round 2 (starting December 2020) 
​(Economic Impact Payments)
  • "Get My Payment" button on IRS web site will confirm that the IRS sent your payment and how...  Click here.
  • Change or add direct deposit?  Sorry, not possible with round 2.
  • How much? 
    • $600 for individuals
    • $1,200 for married filing joint
    • $600 for each dependent child under age 17 at 12/31/19
  • What adjusted  gross income qualifies?  (2019 1040 line 8b)
    • Single AGI... under $75k (partial rebate available for $75k-$87k)
    • Married AGI... under $150k (partial rebate available for $150k-$174k)
    • Married-filing-separate AGI... under $75k (partial rebate available for $75k-$87k)
    • Head of Household AGI... under $112,500 (partial rebate available for $112,500-$124,500)
  • Which tax return are they looking at?
    • 2019 tax return
  • Other rules to qualify?
    • you can't be a dependent on someone else's tax return
    • you can't be a non-resident alien
    • If you have $0 income...  you still qualify as long as you are not claimed as a dependent by another.
    • No rebate garnishment offsets... except delinquent child support.  So back taxes due will not prevent you from getting the rebate.
  • Social security recipients... will receive rebates even if they did not file a tax return.


___________________________________________________

Stimulus payments - round 1
​(Economic Impact Payments)
  • Click here for general info from IRS...  Stimulus Payment Information Center for Payment Issued but Lost, Stolen, Destroyed or Not Received (currently FAQ questions 53-55).
  • NEW PROBLEM: Erroneous stimulus payments are going to the parents of children collecting social security.  Most payments hit 05/28/20.  The payments most likely will have to be returned.  Stay tuned. 
    • ​I advise not to do anything yet until the politicians weigh in...  policy may change.  But these are the official instructions as of today of how to return a stimulus check mailed to the deceased... click here.
  • CONTINUING PROBLEM:  Stimulus checks to deceased taxpayers
    News update 04/30/2020…  The U.S. Treasury Department is planning to instruct people whose deceased relatives received coronavirus stimulus payments to return the money to the federal government, according to a department spokesman.  The Treasury is aware that some individuals who have recently died received  the $1,200 economic impact payments and plans to issue guidance in the coming days, the spokesman said.  
    • I advise not to do anything yet until the politicians weigh in...  policy may change.  But these are the official instructions as of today of how to return a stimulus check mailed to the deceased... click here.

  • IRS mailing some taxpayers debit cards https://www.irs.gov/newsroom/millions-of-people-will-get-their-economic-impact-payment-by-prepaid-debit-card
  •  Add  DIRECT DEPOSIT info... no longer available for #1.
  • Check status of your payment 
    • (click blue link below)
https://www.irs.gov/coronavirus/get-my-payment

  •  When?
    • Direct deposits to start mid-April. Rumors say they have started!
    • The payments are going out in waves.  So don't be concerned if your neighbor received their rebate, but you didn't get yours on that same day.  It's coming.
    • Paper checks will start going out 04/24/20 (starting with low income taxpayers).
    • How much? 
      • $1,200 for individuals
      • $2,400 for married filing joint
      • $500 for each child age under age 17 (as of what date?...  most probably 12/31/19)
  • What adjusted  gross income qualifies?  (2018 1040 line 7) (2019 1040 line 8b)
    • Single AGI... under $75k (partial rebate available for $75k-$99k)
    • Married AGI... under $150k (partial rebate available for $150k-$198k)
    • Married-filing-separate AGI... under $75k (partial rebate available for $75k-$99k)
    • Head of Household AGI... under $112,500 (partial rebate available for $112,500-$146,500)
  • Which tax return are they looking at?
    • 2018 or 2019 depending on the filing dates.
  • Other rules to qualify?
    • you can't be a dependent on someone else's tax return
    • you can't be a non-resident alien
    • If you have $0 income...  you still qualify as long as you are not claimed as a dependent by another.
    • No rebate garnishment offsets... except delinquent child support.  So back taxes due will not prevent you from getting the rebate.
  • Social security recipients... will receive rebates even if they did not file a tax return.
  • Does it really matter which year they use?
    • Maybe not.  The last time they did a stimulus rebate, the advance payment was a prepayment only.  After looking at your 2020 tax return next year, the IRS may decide you deserve more or have to repay some.  This has not been spelled out yet.