03/27/2020
2020 Stimulus Basic Info
A lot of people have had questions on the new stimulus bill so I wanted to send out a short message with some helpful information. Sorry for the formatting. Please share.
How much? 1,200 per adult, and 500 per child (paid to the parents)
Income limitation (with children)100k for single people, and 200k for married couples. There is too much info on the phaseouts for me to summarize.
Note this payment is based on your 2020 income. If you do not qualify based on the last tax return you filed, but actually do qualify in 2020, you will get the payment or difference on your 2020 tax return. So that means a year from now.
If your income goes up, you will not have to pay it back.
When will you received it? They are stating they will begin sending them within 3 weeks.
If you already filed for 2019 and used direct deposit, the IRS will likely put it directly in your bank account.
I would make sure your address is up to date with the IRS. If you have moved since last year, the easiest way to update you address is to file your 2019 tax return ASAP. Otherwise you would have to file an 8822. Sadly, there is no fast way to do this, and it is unlikely you will get this form processed before stimulus payments go out.
IRS info on changing your address irs.gov/faqs/irs-procedures/address-changes
If you owe money to the IRS for a previous bill, this will not be applied to that bill. However, if you owe child support, they may take a portion of your payment.
This payment is not taxable. It is in most ways, truly, free money.
Notify the IRS of an address change.
