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We've put together a list of common Q&A for your reference.
Hey all,

We’ve received an overwhelming amount of phone calls and emails regarding the stimulus checks, so we figured we’d put together a list of common Q&A for your reference.  Because our offices are still pretty backed up on work, please go through this list before reaching out only so that you get your answers in a timely manner.

1. Will you get a stimulus check?
If you are a single taxpayer for tax year 2019 (or 2018 if 2019 has not been filed), if your adjusted gross income (AGI) found on line 8b of your Form 1040 is less than $75,000, you will receive $1,200. If you make in AGI anywhere between $75,000 and $99,000, payments decrease by $5 for every $100 of income.

If you are married filing jointly taxpayers for tax year 2019 (or 2018 if 2019 has not been filed), if your adjusted gross income (AGI) found on line 8b of your Form 1040 is less than $150,000, you will receive $2,400.  If you make in AGI anywhere between $150,000 and $198,000, payments decrease by $5 for every $100 of income.

If you file head of household for tax year 2019 (or 2018 if 2019 has not been filed), if your adjusted gross income (AGI) found on line 8b of your Form 1040 is less than $112,500, you will receive $1,200. If you make in AGI anywhere between $112,500 and $136,500, payments decrease by $5 for every $100 of income.

No matter your filing status, you will receive an additional $500 for each qualifying child under age 17 that you claimed on your 2019 tax return (or 2018 if 2019 has not been filed).

Should you need extra help, you can also go here to calculate your stimulus payment.

2. What if I didn’t file a 2018 or 2019 tax return?
The IRS will use your Form SSA-1099 or Form RRB-1099 if you receive benefits.  If this does not apply to you, you will want to register with the Non-Filer Tool on the IRS’ website to receive your payment.

3. How do I change or add my bank account information to receive direct deposit?
Go here and click "Get My Payment."  Then click "Get My Payment" again and follow the prompts.   You do not have to do this step if you have provided your bank account information on your 2019 tax return (or 2018 if 2019 has not been filed).

*Note: you will need to input your information EXACTLY as it appears on your applicable tax return.  For example, if your address on your tax return shows "Street" instead of "St." you will need to use the former of the two.

*Note:  because if only gives you the option of if you’ve received a refund or if you owed, if you’ve received a credit to be carried forward to the next year, you will enter that you have received a refund and then input that your refund was $0.

*Note: only one spouse needs to enter their information for both spouses to receive the payment.  We suggest that you input the primary taxpayer’s information.

4. I am still having issues with "Get My Payment."  What do I do?
Due to high traffic and demand, try again at a different time or on a different day. Double-check that you entered your information correctly.  If you’ve filed your tax return it might not have been processed yet.  You can also try typing your address in all capital letters. Don’t try too many times at once because you might get locked out.  You’ll just want to be patient throughout the process.

Should you need additional help, please go to the IRS’ FAQ’s page.

5. Will I be taxed on the stimulus payment?
No, and you will not have to repay it either.

We anticipate that these should help, but in the event that you still need some assistance, please just let us know.  We appreciate your cooperation!

Thank you,

Tim
 
 
 

Tim Petrey, CPA, CGMA
Managing Partner
HD Davis CPAs,LLC
330.759.8522 ext. 103









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