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Economic Impact Payments

woman-receiving-stimulus

Many have received the Economic Impact Payment from the IRS, while some still await their payment. Here are some facts that you should know:

Payments will be made throughout the rest of 2020. If you don’t receive a Payment this year, you can also claim it by filing a tax return for 2020 next year.

If you did not receive the full amount to which you believe you are entitled, you will be able to claim the additional amount when you file your 2020 tax return. This is particularly important for individuals who may be entitled to the additional $500 per qualifying child payments.

You will receive a notice within a few weeks of receiving your payment, separate from your payment/check, called Notice 1444 for your records. When you file your 2020 tax return next year, you can refer to Notice 1444 and claim additional credits on your 2020 tax return if you are eligible for them. The IRS will provide further details on IRS.gov on the action they may need to take.

If you haven’t received the payment and would like to check the status of your payment, visit the IRS ‘Get My Payment’ tool at https://www.irs.gov/coronavirus/get-my-payment

If you should have any other questions, please feel free to reach out and we will assist you as best we can. You may also visit the FAQ section regarding payments at https://www.irs.gov/coronavirus/economic-impact-payment-information-center

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Friday, 27 November 2020

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