IRS Stimulus Update

IRS Stimulus Details Released

  • The first IRS coronavirus stimulus payments will be sent out as early as April 9, 2020. This according to an IRS internal distribution plan obtained by The Washington Post.
  • Who qualifies: Individual tax filers with adjusted gross income up to $75,000 (if married, up to $150,000). If your income exceeds these amounts, the payment is reduced and then phased out for individuals whose income exceeds $99,000 (or $198,000 for joint filers with no children).
  • How much will I receive: If below the income threshold, an individual will receive $1,200 or $2,400 for married couples. Parents also receive $500 for each qualifying child. According to irs.gov
  • Social Security recipients will automatically receive the stimulus, even if they didn't file a tax return.
Do I need to file a return to get the stimulus?
We are living in unprecedented times and the government is trying to help those in need. As previously mentioned, in order to receive the stimulus you are required to have at least filed your 2018 tax return. The IRS is urging anyone who has not filed, to file as soon as possible. With the exception being anyone who only receives social security income. If you have not filed a tax return, you still have through 2020 to file and get the stimulus.

If I owe the IRS money, will I still get the stimulus?
The short and simple answer is yes.

Who will not get the money?
This is what is currently being figured out at this time. If you owe child support AND are in arrears, it' a possibility you will not receive the stimulus payment. That is the only known exception other than the income threshold at this time.

Can I update my bank information with the IRS to get the stimulus payment direct deposited into my account?
The IRS is working on a portal that taxpayers will be able to input their banking information

The IRS is urging anyone with questions to go to https://www.irs.gov/coronavirus for updated information about stimulus payments. If anyone should have any questions please do not hesitate to contact us at evan@irswolf.com.
 
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