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Lillian Grose, Assistant Professor of Accounting, at the UHC discusses the Cares Act.

Cares Act Payments-Part 1

How much are the payments?
$1,200  Single and head of household taxpayers
$2,400  Joint taxpayers
$   500  Each dependent child under 17
Payments are based on the adjusted gross income shown on the tax return

Who will receive payments?
Taxpayers who filed tax returns for 2019 or 2018 will receive payments based on the latest tax returns

When will the payments be made?
Those tax returns showing direct deposit information can expect checks by the end of April.

Tax returns without direct deposit information will receive paper checks. Checks will be mailed in batches and could take until August for all checks to be mailed.  See Q & A Part 2 for instructions to change payment method.

Who will not receive payments?

  • No payments will be made for dependent children over age 17
  • Taxpayers who can be claimed as a dependent on another tax return will not receive the payment
  • Taxpayers over certain Adjusted Gross Income amounts will received lower or no payments

 

What are the phase out amounts for payments?


Filing Status-No Dependents

Full Payment Amount

Adjusted Gross Income Below

Payment Phased Out At

Single

 $1,200.00

 $      75,000

 $   99,000

Head of Household

 $1,200.00

 $    112,500

 $ 136,500

Married filing Jointly

 $2,400.00

 $    150,000

 $ 198,000

What if I did not file a tax return for 2019?
The adjusted gross income on the 2018 tax return will be used if a 2019 return was not filed.

I receive Social Security, Veterans Benefits, or Railroad Retirement and was not required to file a return.  How do I get a payment?
IRS will generate payments to these recipients automatically, but see Part 2 if you have dependents under age 17.

What if I have not filed a return for 2018 or 2019 yet?
You should file a return as soon as possible.  See the IRS website for free filing. https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free See Part 2 for more information.

What if my income was too low to file a tax return for 2018, 2019, or 2020?
See Part 2 for instructions.


Cares Act Payments - Part 2

When will I get my payment?
If you filed a 2018 or 2019 tax return and used direct deposit, you can check the status of your payment at:

https://www.irs.gov/coronavirus/get-my-payment

I filed a tax return and requested a paper check refund or my checking account has changed.  How do I get an electronic payment?
If your status is not “in process” or “pending”, make changes at:

https://www.irs.gov/coronavirus/get-my-payment

I receive Social Security, Veterans Benefits, or Railroad Retirement.  What do I have to do?
Your payment will be automatic.  You can also check your payment status at:

https://www.irs.gov/coronavirus/get-my-payment

You will not receive payments for any dependents under age 17. To receive those additional payment amounts, go to the free fillable form at the link below.

https://www.freefilefillableforms.com/#/fd/EconomicImpactPayment

For additional information for Social Security, Veterans Benefits, or Railroad Retirement recipients go to:

https://www.irs.gov/newsroom/most-social-security-veterans-and-railroad-retirement-benefit-recipients-dont-need-to-file-a-return-or-provide-information-to-get-an-economic-impact-payment

I was not required to file a tax return for 2018 or 2019 because my income was too low, and I did not get social security, veteran’s benefits, or railroad retirement.  How do I get a payment?

Use the free link below to submit your information.

https://www.freefilefillableforms.com/#/fd/EconomicImpactPayment

Helpful Websites

To check payment status, change payment method, or to apply if not required to file a tax return

Free filing form for those not required to file a tax return for 2018 or 2019

 

https://www.irs.gov/newsroom/most-social-security-veterans-and-railroad-retirement-benefit-recipients-dont-need-to-file-a-return-or-provide-information-to-get-an-economic-impact-payment

 

 

 

Lillian S. Grose, CPA, MBA
Assistant Professor of Accounting
University of Holy Cross

Questions & Comments Bus&TaxUpdates@uhcno.edu

Updates & Information uhcno.edu

 

 

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