Stimulus Checks – Update
The IRS has issued some guidelines on how taxpayers can get their stimulus checks that did not file a tax return for 2018 or 2019.
If you did not file a tax return for either 2018 or 2019 because you are under the filing threshold then this applies to you. The IRS requires all taxpayers to submit a return to them soon. They advised they will also have an online portal available for taxpayers to submit their Direct Deposit information if you want your check directly deposited into your bank account.
If you delay, you are only delaying your stimulus payment. Take action and file your tax return.
If you need help, please contact us at (208) 935-1040 ext 0 and we will be happy to guide you in the right direction.
Stay tuned for more!
UPDATE – April 2, 2020
According to an IRS statement issues yesterday, for those individuals that receive Social Security benefits, to include disability benefits, the IRS will use the data from SSA to send payments. The payments will be directly deposited if the SSA has your direct deposit account information. Yay! Please see US Treasury news release
UPDATE – April 8, 2020
The IRS has issued guidelines for those that need to file a Simple Return. If you have not filed tax return in the last two years because you were not required to file and you do not receive Social Security benefits or veteran benefits, then this applies to you. You must file a simple return to provide your direct deposit information. Any online tax software provider should be able to assist with this. If you would like our assistance, please call (208) 935-1040 Ext 0 and we will be happy to assist.
UPDATE – April 13, 2020
The IRS issued additional guidance on stimulus payments. Taxpayers should start receiving their checks as of April 13, 2020. Those that qualify by the Stimulus Payment guidelines will see the payment hit their bank account in the next couple of days. Taxpayers that are on social security will receive their checks through direct deposit without having to submit anything to the IRS. So, check your bank account because the payment may be there already!
If you are between 18-24 years of age then this applied to you. Did someone claim you on their tax return? Such as your parents or anyone else that is eligible. If so, then you will need to wait a little longer for a check. The IRS is working on guidelines to get this age group their checks. In the meantime, there is a strategy that your can use to ensure you get the payment if you fall into that category. However, this is beyond the scope of this update. Call us and I’ll be happy to discuss it.