Stimulus Checks - Q&A
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:
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?
2) Will I Have to Pay the Stimulus Back?
3) I Got My Full Stimulus and I’m Not Required to File a Return, Do I Need to File?
4) Will the Government Send Taxpayers 1099 Like Forms Showing Amounts Received?
▪ 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.
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