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.
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.
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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.
- 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)
- 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.