Economic Impact (Stimulus) Payments
Stimulus Payments are based on your income as reported on your 2018 and 2019 tax returns. If you or someone you know needs their return filed (2018 AND/OR 2019), please have them drop off their paperwork at one of our offices ASAP and we will get the return filed. Documents can also be uploaded to our secure portal (available by clicking "Client Portal Login" from the menu. If you're a new client, please call to get this set up.
As it stands, Single Taxpayers can expect $1,200 payments, Married Taxpayers can expect $2,400 payments, and parents can expect an additional $500 for each qualifying child under the age of 17 (this applies to only qualifying children, qualifying relatives are not included), as reported on their taxes. If you receive Social Security exclusively and have been told you don't have to file, you won't need to file your 2019 taxes to receive this Stimulus Payment!
There are phase outs where these payments will be reduced. If income is below the range, you are most likely receiving a payment. If you're above the range, you are most likely not receiving a payment. Those phase out ranges are:
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Single: From $75,000 to $99,000
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Married: From $150,000 to $198,000
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Head of Household: From $112,500 to $136,500
Get My Payment
The IRS has released a tool for taxpayers to track when they can expect their Stimulus Payments direct deposited or mailed out. This tool is available here:
If you filed your taxes but didn't have your refunds direct deposited, you can supply the IRS with your banking information for your Stimulus Payment to be direct deposited. That is available at the link above as well.
Scams
With this Stimulus Payment, scammers are on the rise. Please remember,
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Government agencies will not call, text, or email you requesting information for stimulus payments.
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Be aware of phishing calls, emails, or texts that include language such as: “In order to receive your client’s stimulus payment by direct deposit, you must confirm their bank information.”
What do I do if I received money for a deceased loved one?
Did you receive a stimulus (economic impact) payment for deceased loved one? Below, you’ll see how to send that money back to the IRS.
Who should payment be returned for?
Payments should be returned for any taxpayer that passed away on or before receipt of payment. Return only the portion appropriate for the deceased taxpayer. In the event that one spouse passed away and not the other, $1,200 should be returned to the IRS, unless adjusted gross income exceeded $150,000.
If the payment was received in the form of a paper check and has not been cashed yet:
· Write “Void” in the endorsement section on the back of the check.
· Mail the voided check to the address below with a note explaining the returned check. Note: This could be something as simple as “John Smith passed away in January, 2020.”
The IRS is asking for the checks to be returned without staples, bends, or paper clips, if possible.
If the payment was received in the form of a paper check, but has been cashed, or the payment was received in the form of a direct deposit:
· Send a check or money order to the address below for the amount needing to be returned.
· Make sure to write “2020EIP”, and the social security number (or individual taxpayer identification number) of the individual on the check. Make the check payable to “US Treasury” and include a note explaining the returned amount. Note: This could be something as simple as “John Smith passed away in January, 2020.”
Michigan Residents Return/Send payments to:
Kansas City Refund Inquiry Unit
333 W Pershing Rd
Mail Stop 6800, N-2
Kansas City, MO 64108