Q. EXACTLY WHAT ARE THE STIMULUS PAYMENTS?
A. On April 2, 2020, the US government signed into law a stimulus program to help US taxpayers through with the financial stress associated with the Coronavirus. Tax relief in the form of stimulus payments and SBA loans have been made available to qualifying individuals, small business, large business and nonprofit organizations.
Q. HOW WILL INDIVIDUALS QUALIFY FOR THE PAYMENTS?
A. Currently it appears that all US taxpayers who have a social security number and filed a tax return in 2018 or 2019 will qualify for these refundable tax credits.
Non-resident aliens, individuals who are reported as a dependent on another person’s return and those who have an ITIN (as opposed to a social security number) do not qualify.
If you have not filed, it is not too late, however your payment will be delayed until the returns can be processed. Don’t put off your filing requirement, there will be no payments made after December 31, 2020.
Q. WHAT ARE THE INCOME LIMITS TO GET PAYMENTS?
A. The most up to date information is based on your filing status and adjusted gross income (before the foreign income exclusion) ….
Single Under $75,000-$99,000
Head of Household Under $112,500-$136,500
Married Filing Joint Under $150,000-$198,000
For every $100 of income that exceeds the above minimums the tax credit will be reduced by $5 up to the maximum amounts.
Q. HOW MUCH CAN I EXPECT TO RECEIVE?
A. The maximum credit will be $1200 per taxpayer and $500 for each dependent child reported on your tax return that have a valid social security number. Remember, ITIN’s do not qualify.
Q. HOW WILL I RECEIVE THE FUNDS?
A. The payments will be directly deposited into your US bank account if it has been reported on your US tax return. If you receive direct deposit of social security, or any other government benefits, the stimulus benefits will also be directly deposited.
Q. WHAT HAPPENS IF I DO NOT HAVE A US BANK ACCOUNT OR THE IRS DOES NOT HAVE MY BANKING INFORMATION?
A. A check will be issued and sent to your last known address If you are not required to file a return, the IRS is working on creating a simplified document for which you can provide them with your bank account information. EXPECT AN 8-16 WEEK DELAY!