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On 3/27 the Economic Relief Package was signed into law as the largest stimulus package in history. Part of this 2 Trillion dollar deal, will be $300 billion in direct payments to Americans. We will be working to provide the most up to date information available on this package and how it will affect you as a tax payer.
*The contents of this site are intended to convey general information and not provide legal or tax advice. The information may not reflect the most current developments as things continue to change rapidly. No action should be taken in sole reliance on this information. Please feel free to reach out to us directly for questions. It is advised you seek counsel from a tax or legal professional for specific issues.
You do not have to apply for the credit
It is anticipated that payments will be dispersed to Americans within the next several weeks. You will receive the payment by direct deposit if your bank account information is on file with the IRS. If your refund was transferred by a 3rd party (typically when your prep fees are paid out of your refund or if you received a refund advance.) then it is expected that the IRS will mail you a check. Payments will be made based on your adjusted gross income (AGI) found on line 8b of your tax return.
Single: Less than $75K should receive the full payment, with payments reduced on a sliding scale up to $99K
Married: Less than $150K should receive the full payment, with payments reduced on a sliding scale up to $198K with no children and up to $218 with 2 children.
Head of Household: Less than $112,500.
*Children under 17 should be eligible for $500 regardless of the household AGI.
If your AGI is over the threshold for your 2019 taxes
Technically the payments being made in the relief package are an advance on a future tax credit for your 2020 return. If your AGI falls below the thresholds when you file next year, you may qualify for the credits at that time.
According to the IRS, there are over 1 million American who are due a refund from un-filed tax returns over the last 3 years. You can still claim these refunds. The IRS has suspended certain offsets to allow tax payers to receive their refunds even if they owe back taxes or past due student loans. If you owe taxes to the IRS after filing, you are still eligible for the stimulus check
As part of the Relief act, you can withdraw up to $100,000 from your retirement plan early and without penalty. This applies to withdrawals as a result of the corona-virus. Distributions would still be considered income, but the taxes can be spread out over a period of 3 years.
You can also now borrow up to $100,000 from your 401K
Further qualification details will be available on IRS.gov and updated here as more information is available.
A new deduction is now available for your 2020 tax return that allows up to $300 off from your gross income without having to itemize. This is effective for any contribution as of January 1 of this year. It must be a qualified charity per IRS guidelines.
For those who do itemize, the limits on charity contributions have increased up to 100% of their adjusted gross income. Allowing those with the means to give substantially tax incentive to do so.
This relief package offers other non tax related relief, including rules for credit reporting agencies, student loans, and unemployment benefits. We will work to help you stay current with changes. Details should be posted on your state government website and at https://www.irs.gov/coronavirus.
March 21st 2020
The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868.
The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days.