In response to the economic impacts of the coronavirus (COVID-19) pandemic, the United States government has approved stimulus checks, known as Economic Impact Payment (EIP), for most citizens. As the checks are being sent out, the Paramount Tax team is here to answer your stimulus tax help questions.
- Who is eligible to receive a payment?
Any U.S. adult citizen or resident alien with a valid Social Security number is eligible to receive a stimulus check payment, as long as they are not claimed as a dependent by another tax paying citizen.
According to the IRS, individuals are not eligible for an Economic Impact Payment if any of the following are applicable:
- Your adjusted gross income is greater than:
- $99,000 if your filing status was single or married filing separately
- $136,500 for head of household
- $198,000 if your filing status was married filing jointly
- You do not have a valid Social Security number or you are an illegal alien.
- What do I need to do to receive my payment?
For most individuals, payments will be automatically sent and no further action is needed. If you filed taxes in 2018 or 2019 and provided the IRS with your bank account information, your EIP will be directly deposited into your bank account.
The IRS provides a "Get My Payment" tool that can help you look up the status of your EIP if you have not yet received it.
- What if I did not file taxes for 2018 or 2019? Can I still receive my payment?
Those who did not file for 2018 or 2019 can use the "Non-Filers: Enter Payment Info Here" tool provided by the IRS to receive their payments. This applies to you if you did not file because your gross income was less than $12,200 (or $24,400 for married couples) or you were otherwise not required to file.
If one of the following applies to you and you did not file taxes for 2018 and 2019 you will still receive your payment automatically and you do not need to use the non-filers tool:
- Social Security retirement, disability (SSDI), survivor benefits, Supplemental Security Income (SSI)
- Veterans Affairs benefits
- Railroad Retirement benefits
- How much money will I receive?
The amount of money you recieve is dependent upon your adjusted gross income (AGI). Payments of $1200 for individuals or head of households and $2400 for married couples filing jointly will be sent to those with a maximum AGI of:
- $75,000 for individuals if their filing status was single or married filing separately
- $112,500 for head of household filers and
- $150,000 for married couples filing joint returns
Reduced payments will be sent out for individuals with an AGI between:
- $75,000 and $99,000 if their filing status was single or married filing separately
- $112,500 and $136,500 for head of household
- $150,000 and $198,000 if their filing status was married filing jointly
EIP checks will not be sent to individuals with an AGI that exceeds:
- $99,000 if your filing status was single or married filing separately
- $136,500 for head of household
- $198,000 if your filing status was married filing jointly
- Is the stimulus check payment taxable? Will I have to pay the money back?
No, EIP checks are considered neither taxable income nor a loan. You will not have to pay the money back and you will not have to pay taxes on the amount received.
- Will I receive additional funds if I have children?
Yes. Single parents or married couples with dependents younger than 16 will receive an additional $500 per child.
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Stimulus Tax Preparation
The Paramount Tax team is available to help you through this trying time. Economic downturn impacts everyone nationwide and budgeting and tax planning is difficult during recession. If you still have questions regarding EIP payments or are looking for stimulus tax help, our accounting team is at your assistance.
With a thorough, professional assessment of your finances we can help you plan for the coming months. As the IRS has extended 2019 tax deadlines, there is still time to plan and prepare your taxes. If you are searching for help with stimulus tax preparation, we have you covered. Contact Paramount Tax today for a free consultation.