Here's an infographic to outline some of the Stimulus questions we have received. Enjoy.

In March of 2020 the CARES Act was signed into law allowing a tax credit of $1200 ($2400 MFJ) plus $500 for each qualifying child based on the taxpayer's income. The thresholds for the stimulus payments are:

• $150,000 MFJ/Surviving Spouse
• $112,500 HOH
• $75,000 Individuals
• Amounts reduced 5% for every dollar above the thresholds

Currently the IRS is in the process of distributing a second stimulus payment, but there have been a few snags in the process causing many questions for taxpayers. 

We have compiled a list of the top questions (and answers) we have received regarding the stimulus payments. If you have any additional questions feel free to contact us.

1) Is The Stimulus Taxable?

▪ No

2) Will I Have to Pay the Stimulus Back?

▪ No

3) I Got My Full Stimulus and I’m Not Required to File a Return, Do I Need to File?

▪ No

4) Will the Government Send Taxpayers 1099 Like Forms Showing Amounts Received?

▪ Yes
▪ IRS Notice 1444 for the first Economic Impact Payment
▪ Notice 1444-B for the second Economic Impact Payment

5) My 1444 and or 1444-B show that I Received the Stimulus Check But I Never Received It, What Do I Do?

▪ If your payment was issued by direct deposit, your first step is to check with your bank and make sure they didn’t receive a deposit.
▪ You should only request a payment trace to track your Payment if you received Notice 1444 or if Get My Payment shows your payment was issued and you have not received it.
▪ Call the IRS at 800-919-9835
▪ Mail or fax a completed Form 3911, Taxpayer Statement Regarding Refund

6) I Didn’t Receive My Second Stimulus Yet, Should I Wait to File or Claim the Credit?

▪ It depends
▪ All payments were required to be sent out by 1/15.
▪ Check “Get My Payment” tool on the IRS website to see if you received a direct deposit or if a check was mailed out
▪ You will not be able to add new routing or account information, or request to receive your payment by EIP Card
▪ Claim credit for amounts you were eligible for but did not receive.

​Will will update this post with additional questions/answers as they come in.