Stimulus Coronavirus payment
Q: Who will qualify?
- US Citizens and Resident Aliens with a Valid Social security number.
- Children who are under the age of 17, that qualifies for Child Tax Credit.
Q: Who will NOT qualify?
- Nonresident Aliens.
- Individuals with ITINS.
- Dependents listed on your return that are over 17.
- Dependents claimed on another taxpayer’s return.
- Estates or Trusts.
Q: How large would the payments be?
A: Each individual will be entitled to 1,200$ (2400$ for Married filing jointly) , For every child or under 17, the payment would be an additional 500$.
Q: Do I need to be a U.S resident in order to be eligible?
No. U.S citizens living outside the U.S are eligible as well.
Q: Is there an income limitation?
Yes. The limitations start once a taxpayer reaches the following income (based on Adjusted Gross Income on tax return):
- Single – Up to 75,000$.
- Married filing separately – up to 75,000$.
- Head of household – up to 112,500$.
- Married filing jointly – up to 150,000$.
Once the income has reached these amounts the amount of credit will be reduced by 5% above the limitations.
For example: If you are single and you earned 85,000$ , The amount of credit will be reduced by 500$ (5% of 10,000$ that exceeded the limitation)
Q: What do I need to do in order to qualify for the credit?
You should file your 2018 or 2019 tax return.
Q: Where will my stimulus check be sent?
If the Internal Revenue Service already has your bank account information, it would transfer the money to you via direct deposit or check based on the recent income return.
Q. What tax year will my income be determined on?
The IRS will base information from 2019 returns as it is the most current. If a 2019 return was not yet filed, they will turn to 2018.
Q. Is my stimulus check taxable?
No, the stimulus checks are not taxable. However, if your 2020 income is much higher than your 2018 or 2019 income, you may be required to pay back a portion of the stimulus payment.
Q. Can I get a stimulus check if I’m self-employed?
Yes, as long as your AGI does not exceed the threshold you will be eligible to receive a stimulus payment.
Q. When Should I expect receiving my refund?
Treasury Secretary Steven Mnuchin said he expected most people to get their payments within three weeks during the month of April.
For any further questions please contact us between 9 AM and 6PM and we will be happy to assist you.
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