ALL YOU NEED TO KNOW ABOUT THE STIMULUS CHECKS.
President Trump just signed off a $2 Trillion Relief Bill, which will come in form of Stimulus Checks to offer Assistance to Millions of American Household, affected by the Corona Virus Pandemic. We are aware that most of us have Questions and we want to enlighten you more about, what in this for us.
The Following are the Basic Things to know about the Stimulus Checks:
Your Eligibility for the Stimulus Check is based on your 2019 Tax Returns as well as your Adjusted Gross Income. If you are yet to file your 2019 Taxes, the IRS will use the 2018 Taxes to determine your Eligibility. The IRS will only use your 2018 Tax Returns, if you have not filed your 2019 Tax Returns.
You must have a Valid Social Security Number to be eligible for this Check. People with ITIN Numbers and Tax ID Numbers will not be issued Checks.
The Check Values are based on 3 Plans Income Qualification:
SINGLE TAX FILERS - The Adjusted Gross Income Qualification is $75,000 or Less. This Category will get a $1,200 Stimulus Check.
HEAD OF HOUSEHOLD FILERS - The Adjusted Gross Income Qualification is $112,500 or Less. This Category will get a $1,200 Stimulus Check.
MARRIED FILING JOINTLY - The Adjusted Gross Income Qualification is $150,000 or Less. This Category will get a $2,400 Stimulus Check.
It is important to note that if the Income Exceeds the threshold, the Amount will be reduced on a Sliding Scale.
For Each Dependent/Child, that is Under the Age of 17 Years and Below, you will get an Additional $500 Check, for each Child. Please Note, that this is as long, as the Child/Dependent was stated in the Tax Returns, at the time of Filing.
If a Parent claims the Dependent/Child as a Dependent and this Child/Dependent files their own Taxes, the Parent will not get the Additional $500 Stimulus Check.
The IRS will send the Payment to the Bank Account Information, that you have on File.
If you did not indicate a Bank Account nor used a Direct Deposit Method for your Tax Refunds, the IRS will mail the Check to the Address on File.
In the Event, that you have moved from the Address on File, you need to File a Form 8822 with the IRS. This is a Change of Address Form to update your Address with the IRS.
The IRS will not withhold your Stimulus Check, if you are owing Taxes, the only clause is, if you are backed up on your Child Support Payment. You may have to call the Agency, in charge to make Payments and settlement, so that you are assured of getting your Full Stimulus Check Payment.
The Earlier you file your Taxes, the Earlier you are assured of getting your Stimulus Check.
We are available to help you with all the Questions, that you may have , regarding the Stimulus Check as well as any other Question on the Stimulus Package. We are also available to assist you virtually. Call us on 202-422-4586 to set up an Appointment.
It is always our Pleasure to Help you.