FAQs About The 2020 Stimulus Payment

The recent outbreak of the coronavirus has caused an economic impact that has affected millions of Americans in the nation. In the midst of this global crisis, our team at MJ Taxes and More is here to help you receive your stimulus payment on time and assist you in every step of the process.

The following is information on how to apply for your stimulus payment and FAQs relating to stimulus payment questions and concerns.

Info For Filers:

The “Get My Payment” application will be available mid-April (only for filers). You can check your payment status on the site, confirm payment type, and update your bank account information for direct deposits. You will receive your payment by way of direct deposit or mailed check depending on your preference. You can update your direct deposit information on the “Get My Payment Tab” as well as update your direct deposit information.

*Note that payments will begin to be deposited in the third week of April.

*If you’ve moved since you last filed please update your information here.

Info For Non-Filers:

If you receive benefits from the Department of Veterans Affairs in the form of veteran’s disability, pension, or survivor benefits, or does your income doesn’t require to file a tax return, you need to submit information to the IRS to receive an Economic Impact Payment. This FREE online form can identify you and your dependents to receive direct deposits and address information for mailed checks.

*Do not use the Economic Impact Form if you receive Social Security, disability (SSDI), survivor benefits and Railroad Retirement.

FAQs:

1) How will I know that my stimulus payment was processed?

Filers can check their application status online by visiting the “Get My Payment” application. The IRS will also mail detailed letters to of stimulus payment confirmations within 15 days of payments being processed.

2) Do I qualify for a stimulus check if I receive social security checks and don’t file my taxes? If so, what do I need to do?

If you’re retired and receiving social security or Railroad Retirement benefits you will receive your stimulus payment automatically without any additional steps.

3) Do I qualify for a stimulus check if I receive a disability check? If so, what do I need to do?

If you receive a disability check, you don’t need to do anything to receive your stimulus payment. It will be processed automatically.

4) Why is the office closed? When will you reopen? How can I file my taxes?

MJ Taxes and More has been classified as a non-essential business and will be closed until further notice. However, you can file your taxes remotely by contacting our office at 123456789 where you will be connected to one of our tax specialists for further assistance.

5) True or false? If someone else claims you as a dependent on their taxes, you won’t get your own check.

True. Parents of dependents will receive an extra $500 per child under 17 years of age.

6) Is it true that individuals who receive disability benefits from the Social Security Administration or Veterans Affairs are eligible for the payments — but not disabled adults who are claimed as dependents by their parents or other relatives on their taxes?

True

7) Do you have to be a U.S. Citizen to receive stimulus payments?

You do not have to be a U.S. citizen to receive stimulus payments, but you must have a valid social security number. Immigrants with green cards and H-1B and H-2A visas will receive payments, but non-residential aliens will not receive stimulus checks.

8) Will my baby born in 2020 qualify for the $500 additional payment for dependents? 

Babies born in the first months of 2020 will not receive additional monies in their stimulus payment as the 2020 stimulus payment is based on 2019 taxes. However, parents welcoming newborns in 2020 will likely receive a $500 credit next year when they file.

9) Will high earners who lost their job receive stimulus payments?

Stimulus payments begin to decrease for individuals who earned more than $75,000 last year. Payments zero out for individuals who earned $98,000 or more. However, if you exceed this limit and lost your job, or don’t earn as much this year, you will receive credit on your taxes next year.

10) In split custody cases, who receive stimulus payment for their children?

The parent who claimed their child on their 2019 tax return will receive additional stimulus money in 2020.

11) What will happen with recently divorced or estranged filers?

If you filed joint taxes in 2019 and you are estranged or divorced in 2020, you and your ex-partner will receive a combined payment of $2,400 in the bank account that was used to deposit your most recent tax refund. However, you can update your address information with the IRS if needed.

12) What will happen to individuals who owe back child support?

You can still receive stimulus payments if you are overdue on child support payments. You may also use the stimulus payment to pay past-due child support payments reported to the Treasury Department.

*note that the stimulus law puts holds on other debts such as overdue loans, or back taxes.

13) Is the stimulus payment considered taxable income?

No. The stimulus payment is not a taxable income, nor does it count for determining eligibility for federal programs like Supplemental Security Income, etc.

*it’s important to note that the IRS will not call, text or email to confirm personal information relating to stimulus payments*

MJ Taxes and More is a one-stop-shop for families and businesses in South Florida looking for advice and expertise when it comes to tax services, tax returns, notary services and more. At MJ Taxes and More, skilled specialists are on standby ready to help answer all of your questions about filing for your 2020 stimulus payment. Call 954-800-2197 today to learn more!

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