Alright this edition of Amy’s blog is brought to you by Aubree, her favorite, smartest and most good-looking daughter [insert applause here]. Thank you, thank you, settle down now.
Ok, so this stimulus is coming down the pipeline and there are a lot of questions floating around about the specifics. My wonderful mother has put together a list of frequently asked questions that will hopefully clear up any issues you have. Here we go…
Q- How do I know if the IRS has my direct deposit info?
- If you received a direct deposit for your most recently filed tax return (2018 or 2019) then you are all set.
Q- Does my kid get it?
- All kids under age 17 will qualify for a $500 additional payment to parents (assuming they qualify). Any kid 17+ claimed as a dependent will NOT qualify for any stimulus payment.
Q- What if my kid is independent by the end of 2020?
- The stimulus will be available to them when they file their 2020 tax return.
Q- Do I have to pay it back?
- No, it is an advance of a new tax credit that will be available for 2020 only.
Q- I haven’t gotten my stimulus payment yet.
- Not technically a question, but alright. The IRS will be launching “Get My Payment” on their website to update your direct deposit info and get an estimate of when you will receive your stimulus by the end of this week (April 17th).
Q- I moved since I filed my tax return.
- Again with the question thing… You will need to complete form 8822 and submit it to the IRS right away.
Q- How much will I get?
- Go to Kiplinger.com and select tools from the Menu on the left. You will find an estimator.
Hopefully that helps, but if you still have questions do not hesitate to contact the office and we will do our best to answer your questions. Have a great quarantine! ~Aubree
