Paul Toepel
The IRS has started sending stimulus payments.
80 million people will get money directly into their bank account, but others will have to wait for a check. These payments range from $1,200 for individuals to $2,400 for married filing joint couples, and an additional $500 for each dependent under the age of 17.
Here are the common questions we get asked about the payment.
Who is eligible for a stimulus payment?
The amount you’ll receive will depend on your total income in 2019 or 2018. If you qualify, you’ll receive one payment. Here’s who qualifies:
- If you’re a single U.S. resident and have an adjusted gross income less than $99,000
- If you file as the head of a household and earn under $146,500
- If you file jointly without children and earn less than $198,000
Those who can be claimed as a dependent for tax purposes, like many college students, are ineligible for the payments, as well as undocumented immigrants who don’t have Social Security numbers.
What if I haven’t filed my taxes for 2018?
Do it right now! If you haven’t filed your 2018 taxes, your stimulus check could be affected. Include your direct deposit banking information on the return.
If I’m not required to file, will I get a payment?
People that are not required to file, including some senior citizens on Social Security, will not need to file a tax return to receive payment.
The IRS will use the information on Form SSA-1099 for Social Security recipients who did not file tax returns in 2018 or 2019. Some people that both, are not required to file and don’t receive Social Security, should complete the non-filers information at https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here
Can I set up direct deposit for my check?
If you don’t have direct deposit to your bank account set up, but you want to receive the payment electronically, the IRS’ online tool is available now called, Get My Payment. Here is the link: https://www.irs.gov/coronavirus/get-my-payment
And finally, this money won’t be taxed as income and won’t be offset by any back taxes owed. It also won’t affect refund payments for 2019.
Paul Toepel is a CPA who has lived in Las Sendas for more than 18 years. His firm, Toepel Company PC, is a full-service, Mesa based CPA firm offering a variety of services for more than 30 years.
These services include tax preparation and representation, accounting, fraud prevention, and QuickBooks setup and support. Their mission is, “To provide exceptional service, knowledge and experience, all while making you and your business successful.”
Toepel Company PC is located at 2500 S. Power Road. To learn more, visit toepelcompany.com, or call (480) 833-8300.