Key Highlights
- Part of coronavirus relief package is sending direct payments from the federal government to Americans taking a hit from the pandemic
- Answers to some questions (how much will we get and when will we get? are below
The CARES Act (Coronavirus Aid, Relief and Economic Security Act) includes a direct aid relief to Americans via direct payments from the federal government.
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Know from the get-go that everyone will NOT receive the same amount. Married couples and/or married couples with children under 17 years old could receive more money than others. Those with incomes above a certain level may receive less money or none at all.
Everything will everything will be determined by the government using the information from you 2019 tax return if you’ve already filed it. If you haven’t, the government will use the information on your 2018 tax return.
Right off the bat…
- What was your 2019 (or your 2018) filing status?
- How many children in your household quailed for a child tax credit in 2019 (or 2018)? – To qualify, the child MUST be under 17 years old.
- What was your adjusted gross income from you 2019 (or 2018) tax return?
CLICK HERE TO USE KIPLINGER’S EXTREMELY HANDY STIMULUS CHECK CALCULATOR
https://www.kiplinger.com/tool/taxes/T023-S001-stimulus-check-calculator-2020/index.php
YOU’LL GET AN IMMEDIATE HANDLE ON HOW MUCH THE CHECK YOU’LL RECEIVE WILL BE.
Now, here are some additional answers to questions you may have…
You will receive ONE payment and ONLY ONE.
You may have heard that everyone will receive $1,200 from the federal government. WRONG. Some people will receive a higher amount and some will receive a lower amount. USE/CLICK THE ABOVE TO GET AN IDEA OF HOW MUCH YOU WILL LIKELY RECEIVE.
$1,200 is only the starting amount. The Good News? If you’re married and file a joint tax return, you and your spouse will each get $1,200 for a total of $2,400. If you have children who are 16 years old or younger, you will receive an additional
$500/child. Only one spouse if married, not both spouses, and your eligible children 16 years and younger MUST a Social Security number. An individual taxpayer identification number (ITIN) is not enough.
The Bad News? Stimulus payment amounts will phase out for people at certain income levels. Gradually, your check will be reduced to zero if you’re single, married and filing separate tax returns or a qualifying widow(er) with and adjust gross income (AGI) over $75,000. If you’re married and filing a joint return, your stimulus check will drop if your AGI is more than $150,000. If you’re claiming head of household status, your payment is gradually reduced if your AGI tops $112,500.
Again, if you’ve not yet filed your 2019 tax return that is now due July 15, 2020, the IRS (the outfit issuing the payments) will look to your 2018 for your necessary information to determine the amount of your payment.
AGAIN, USE THIS HANDY STIMULUS CHECK CALCULATOR TO GET A HANDLE ON THE AMOUNT OF YOUR RELIEF PAYMENT.
https://www.kiplinger.com/tool/taxes/T023-S001-stimulus-check-calculator-2020/index.php
In terms of when you’ll receive your payment, the CARE ACT stipulates that the IRS is to send payments “as rapidly as possible.” What this means is anyone’s guess due to the reality that the IRS itself is short staffed right now due to the COVID-19 pandemic. However, if you have (and the majority of taxpayers do) have direct deposit into your bank account (with bank account numbers and bank routing numbers already on file with the IRS in order to receive tax refunds and/or Social Security checks), the process will move more quickly. If you don’t or if the direct deposit is rejected (due to inaccurate bank account information) the IRS will receive a rejection notice and the payment will then be converted to a paper check and mailed to you,
Know that stimulus money is generally not subject to reduction or offset to pay back taxes or other debts owed to the government.
Know too that within 15 days of mailing your check or directly depositing your payment into your bank account, you’ll receive a notice in the mail about the method of payment, the amount of payment and an IRS phone number to call if you didn’t receive your payment.
Since Harris Real Estate Coaching is NOT an attorney or tax advisor, we strongly suggest that you check with your tax advisor/attorney with your additional questions.
USE THIS CALCULATOR!!!
https://www.kiplinger.com/tool/taxes/T023-S001-stimulus-check-calculator-2020/index.php
Thanks to Kiplinger for the information and for the Stimulus Check Calculator.
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