Our previous posts shared information about the stimulus timeline and how to calculate the amount you can expect to receive based on your Adjusted Gross Income (AGI). This has led to people wondering…Where can I find my AGI?
The answer is simple. Your AGI is on your tax return, and here is how to find it:
If you have filed for this year, the IRS will use the number found on Line 8b of your 2019 return, as shown below.
If you have not yet filed this year, IRS will use the AGI found on Line 7 of your 2018 return.
Once you know your AGI, you can visit the IRS site to check the status and calculate your expected payment.
Important Notes:
If you did not file taxes for 2018 and 2019, you can enter your information through the IRS online tool found at this link. Non-Filers: Enter Your Payment Info
If you receive Social Security or Veteran’s benefits, you should automatically receive your stimulus payment.
Earlier this month Congressman Richard Neal, the Chairman of the House Committee on Ways & Means, issued a release detailing the timeline for economic stimulus payments.
This is the best information we have seen regarding the plan for distribution of money to US citizens under the CARES Act, and we have listed some of the key takeaways below. You can click here to read the full letter.
Key Takeaways:
IRS began issuing payments the week of April 13th.
Individuals who have provided direct deposit information to the IRS, either on their 2018 or 2019 returns or through the “Get My Payment” link should see payments first.
Paper checks will be issued in reverse “adjusted gross income” order—starting with people with the lowest income first.
Paper checks for all others will be issued at a rate of about 5 million per week, which could take up to 20 weeks.
We have created the charts below to show you how the payments are being calculated, and to help figure out how much you should expect.
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Please note that payments are not being delayed if your 2019 taxes have yet to be filed. IRS will use information from 2018 returns when necessary for non-filers and regular taxpayers alike. We encourage you to access the Get My Payment tool on the IRS site to determine your actual payment amount, as well as to provide your most up-to-date bank and/or mailing information, if necessary.
We Remain Closed in Compliance with the Stay at Home Order
Our office will remain closed until statewide restrictions are lifted. For those of you whose returns are still in process, we are working to set up one day a week for you to sign and retrieve your documents.
If you prefer, we are more than happy to send your documents via US mail. Stay tuned for more information!
Economic impact payments from the Federal Government are arriving in bank accounts this week for some taxpayers who e-filed early and opted for direct deposit. These “stimulus checks” are separate from your regular tax refund, and are being handled entirely by IRS, so we do not have any information on individual payments for our clients.
While the $1200 per citizen and $500 per child amounts are what people have heard and are expecting, IRS has a formula for determining who gets how much. We can tell you, however, that it is our understanding the $500 per child payments only apply if the child is under 17 years of age.
Luckily, the IRS has set up online tools to check the status of your payment, and to determine if “non-filers” qualify for payment and/or need to submit an application. At the time we are sending this newsletter there is a placeholder for the “Where’s My Payment” tool on the irs.gov website, with a note indicating that it is scheduled to be available in “mid-April.” The non-filer application tool is currently active, though, and the home page includes a brief and helpful description of qualifications to see if you should submit an application. You can access both on the IRS.gov website through this link.
