04/01/2020
IRS Payment Coming Soon
1. Each eligible individual (has a valid Social Security Number) is entitled to a payment (rebate) for 2020 equal to:
a. $1,200 ($2,400 for a couple filing a joint tax return) PLUS,
b. $500 for each qualifying child (not yet 17 years old and a “dependent”).
c. The amount phases out for Adjusted Gross Income (“AGI”) amounts over $75,000 (single) and $150,000 (joint). No payments made if AGI is greater than $99,000 (individual) and $198,000 (joint).
2. The payment will be made in cash by the IRS to each eligible individual.
3. The IRS will send the payment based upon the most recently filed tax return (filing status and number of dependents). If you have not filed your 2019 tax return, the IRS will use your 2018 return information.
4. If you provided the IRS with direct deposit banking information on your tax return, your payment will be sent directly to your bank. This is the BEST way to get your payment!
5. If you did not provide the IRS with banking information, the IRS will mail your check to the address shown on your most recently filed tax return.
NOTE:
a. The IRS is developing an on-line process for individuals to quickly submit their banking information to the IRS.
b. To get your banking information to the IRS:
i. Google - IRS.Gov
- make sure you are on the official website of the IRS
ii. Click on “Coronavirus Tax Relief”
iii. Follow instructions!
c. It is anticipated that you will need to provide the IRS with:
i. Your name as shown on your tax return
ii. Your Social Security Number
iii. Your bank’s routing number
iv. Your bank account number
v. Type of account – checking or savings
d. The IRS “Coronavirus Tax Relief” site IS NOT YET AVAILABLE
i. Check constantly for availability
ii. DO NOT CALL the IRS as you will not get through
2020 Income Tax Filing Requirements
1. Your 2019 tax return (Form 1040) is not due until July 15, 2020. Income tax payments for 2019 are extended until July 15, 2020. Also, IRA contributions for 2019 are extended until July 15, 2020.