If you're wanting to know about your stimulus check here's the information I have:
Checks will be $1200/adult (so $1200 single/HOH and $2400 married) plus $500 per child for those children that qualify for the Child Tax Credit (kids under 17). If you have a child 17 and up that you still claimed as a dependent in 2018 or 2019 then no one receives any money for that child.
If you are single and make over $75,000 but less than $100,000 then you will get a pro-rated amount. Likewise, if you filed as head of household and make over $112,500 but less than $146,500 your amount will be phased out. Finally, Married filing joint couples who make over $150,000 but less than $200,000 will only get a partial payment. If your income is higher and you’d like to determine how much you will be getting use the calculator here:
https://www.forbes.com/advisor/personal-finance/stimulus-check-calculator/
This will be based on the 2019 tax return if you've already filed. If you haven't they will be based on the 2018. If your income has changed so that you are not within those limits then you should wait to file your taxes. If your income is lower this year and last year's income would have made you ineligible but this year you would be then get your return filed quickly.
Stimulus checks will NOT be taxed in 2020. It is an advance on a credit that will appear on the 2020 tax return. So if you didn’t qualify for the stimulus money based on the 2018 or 2019 tax return you may still qualify for it in 2020. In addition if you have a new dependent in 2020 you will get an additional credit on next year’s tax return even though you don’t get credit this year.
If you owe the IRS money you should still get your stimulus check. However, if you owe back child support they will keep it to pay that.
If we are working on your return and you need to file or not file yet let us know. We are trying to get through returns as quickly as possible and making sure we look for these things while doing them.
Checks will be $1200/adult (so $1200 single/HOH and $2400 married) plus $500 per child for those children that qualify for the Child Tax Credit (kids under 17). If you have a child 17 and up that you still claimed as a dependent in 2018 or 2019 then no one receives any money for that child.
If you are single and make over $75,000 but less than $100,000 then you will get a pro-rated amount. Likewise, if you filed as head of household and make over $112,500 but less than $146,500 your amount will be phased out. Finally, Married filing joint couples who make over $150,000 but less than $200,000 will only get a partial payment. If your income is higher and you’d like to determine how much you will be getting use the calculator here:
https://www.forbes.com/advisor/personal-finance/stimulus-check-calculator/
This will be based on the 2019 tax return if you've already filed. If you haven't they will be based on the 2018. If your income has changed so that you are not within those limits then you should wait to file your taxes. If your income is lower this year and last year's income would have made you ineligible but this year you would be then get your return filed quickly.
Stimulus checks will NOT be taxed in 2020. It is an advance on a credit that will appear on the 2020 tax return. So if you didn’t qualify for the stimulus money based on the 2018 or 2019 tax return you may still qualify for it in 2020. In addition if you have a new dependent in 2020 you will get an additional credit on next year’s tax return even though you don’t get credit this year.
If you owe the IRS money you should still get your stimulus check. However, if you owe back child support they will keep it to pay that.
If we are working on your return and you need to file or not file yet let us know. We are trying to get through returns as quickly as possible and making sure we look for these things while doing them.
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