Stimulus Check Information
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided a one-time rebate to taxpayers, a modification of the tax treatment of certain retirement fund withdrawals and charitable contributions; a delay of employer payroll taxes and taxes paid by certain corporations; and other changes to the tax treatment of business income and net operating losses. Newly enacted COVID relief legislation issued a second round of Economic Impact Payments to taxpayers.
Summary: Economic Impact Payments
- Under new COVID-19 relief legislation, taxpayers will receive $600 for singles and $1,200 for married couples who file a joint return. In addition, those with qualifying children will also receive $600 for each qualifying child. Dependents who are 17 and older are not eligible for the child payment.
- Generally, U.S. citizens and residents who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment.
- You can learn more here or check on the status of your payment here.
Frequently Asked Questions:
How will the IRS know where to send my payment?
- The IRS will calculate and automatically send the economic impact payment to those eligible. Payments will be directly deposited into your bank account using information from your 2019 tax returns.
I am not typically required to file a tax return. Can I still receive my payment?
- Yes. Most Social Security retirement and disability beneficiaries, railroad retirees and those receiving veterans’ benefits do not need take any action to receive a payment.
- Earlier this year, the IRS worked directly with the relevant federal agencies to obtain the information needed to send out the new payments the same way benefits for this group are normally paid.
- For eligible people in this group who didn’t receive a payment for any reason, they can file a 2020 tax return.
I didn’t file a tax return and didn’t register with the IRS.gov non-filers tool. Am I eligible for a payment?
- Yes, if you meet the eligibility requirement. While you won’t receive an automatic payment now, you can still claim the equivalent Recovery Rebate Credit when you file your 2020 federal income tax return.
Where can I get more information?
- The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.
Don’t see an answer to your question? You can read more here or contact my Palm Desert Office at (760) 424-8888.