As a follow-up to our article The Cares Act: Tax and Financial Help For Individuals And Businesses, Stimulus Checks for Individuals and Joint Taxpayers will be issued for up to $1,200 for individuals, $2,400 for joint taxpayers and an additional $500 for each qualifying child. Known as Recovery Rebates, these checks will be based on information from your most recent tax filings, either 2019 or 2018 if you have not yet filed this season.
How Tax Return Non-Filers Apply for Stimulus Checks
The IRS has established a new Economic Impact Payments webpage, which includes a place for non-filers to enter certain information to apply for their stimulus check including:
- Date of Birth
- Social Security Number
- 2018 Adjusted Gross Income
- Bank Account Information for Direct Deposit
- Driver’s License Information
- Information for Dependent Children
Non-filers who complete the e-filing application form, should start receiving stimulus payments this week. Recipients of social security benefits, railroad retirement benefits, and those who have no qualifying children under age 17 do not need to submit any information. These individuals will be automatically receiving the stimulus payment via direct deposit.
Who Should Complete the Non-filers Application?
- Those who did not file a 2018 or 2019 federal income tax return because your gross income was under $12,200 ($24,400 for married couples). This includes people who had no income.
- Those who weren’t required to file a 2018 or 2019 federal income tax return for other reasons.
Stimulus Checks for Tax Filers
Starting mid-April, the IRS will open a Get My Payment Application on the Economic Impact Payments webpage. Tax Filers will be able to update your address and bank information for direct deposits of your stimulus check.
The stimulus check will be paid this year based on information from your most recent tax return and will be reconciled in tax year 2020 to ensure you received the correct rebate amount.
We will continue to update you as we get more information on Coronavirus-related legislation and guidance that may impact you. Continue to check back here for the most up to date tax information and changes in response to Coronavirus. If you have more questions contact an MCB Advisor at 703-218-3600 or click here.
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