Our gov’t made up it’s mind and told us how the personal stimulus payments would work, and then the IRS said how they would really work. And we all know who’s really in charge in DC!
These details haven’t changed:
- Single persons with AGI (Adjusted Gross Income) under $75,000 will get $1,200. That amount is reduced as AGI goes up to $99,000.
- Married couples with AGI under $150,000 will get $2,400 plus $500 per child. That amount is reduced up to AGI $198,000.
- Unmarried Head of Household persons with AGI under $112,000 will get $1,200 plus $500 per child. That amount is reduced up to AGI of about $150,000.
- “Per child” means dependent under the age of 17 only!
CHANGED – You must file either a TY2018 or TY2019 income tax return to be eligible for the personal stimulus! We were previously told that people who were not required to file (low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities) would still be eligible. The IRS says NO!
The IRS is still shooting for “about 3 weeks” to get this money out. They will use your TY2019 direct deposit info, or your TY2018 direct deposit info if they don’t have it for TY2019, or the most current mailing address you have on file. The IRS is working on a web-based portal “in the coming weeks” for you to provide bank direct deposit info if the IRS doesn’t have it from your tax return and you prefer that distribution to a check.
The IRS also urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment.
The rest of this email (joke excepted) is a rerun…
We have reduced our office hours to M-F 9-5, Sat 9-12 until April 15. After that, we will go to off-season hours (usually 2 days per week) and have only very limited availability for appointments. We will, as always, still be available by email and phone.
TeleTaxPrep:
Basically, get your tax documents to us any way you can. Snail mail, UPS, FedEx, fax, email, or the awesome preferred method, SecureFilePro (our Encrypted Portal – like the Dark web, but safer!). We work on them for a few days and then contact you for some Q&A (phone or email). Once everything is finalized, we get some permission signatures (the same forms you’ve always signed) and payment, usually by that awesome SecureFilePro system, and you’re set. No traffic! No germs! Only limited human contact!