Thursday, March 26, 2020

Stimulus Checks FAQ

Kelly Phillips Erb aka "Tax Girl" has a great article explaining stimulus checks. Here are some highlights:
When will I get my check? Checks are supposed to be produced “as rapidly as possible,” but it’s been suggested that could take up to two months. If you use direct deposit, it will be faster.
How big will my check be? Checks will be $1,200 per adult - or $2,400 for married couples filing jointly - and an additional $500 per child.
Are there income limits on checks? The amount of the checks would start to phaseout for those earning more than $75,000 ($150,000 for joint returns and $112,500 for heads of household). This is adjusted gross income (AGI), not taxable income - so before your standard or itemized deductions. You’ll see your number on line 8(b) of your form 1040:

What if I’ve moved? Under the law, the Treasury must send notice of the payment by mail to your last known address. The notice will include how the payment was made and the amount of the payment. The notice will also include a phone number for the appropriate point of contact at the Internal Revenue Service (IRS) if you didn’t receive the payment. You can help make sure that it goes to the right place by updating your address after a move. Usually, you’d do that on your tax return, but you can also submit a federal form 8822, Change of Address (downloads as a PDF). It generally takes four to six weeks to process a change of address.

More at the link:
https://www.forbes.com/sites/kellyphillipserb/2020/03/25/all-you-wanted-to-know-about-those-tax-stimulus-checks-but-were-afraid-to-ask/#724d89721f9c

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