Stimulus Check FAQs from Local CPA McMillan & Associates

STIMULUS CHECKS – FAQ’s from Locally Trust

Extremely Important to Know – The IRS will NOT contact you by phone or email regarding your stimulus check. DO NOT respond to any requests for information regarding your stimulus check which might include links, attachments, downloads or click here instructions. The email scams will start soon, DO NOT fall victim to their attempts.

How much will I receive?

Up to $1,200 per adult and $500 per child under the age of 17. If your adjusted gross income is greater than $75,000 (Filing Single), $112,500 (Head of Household) or $150,000 (Married Filing Joint) the deduction will phase out at $5 per $100.

Is my Check Based on my 2018 or 2019 tax return?

If your 2019 return is filed, it will be based on your 2019 return. If not, it will be based on your 2018 return.

What if I have not filed a 2018 or 2019 return?

You will have to wait until you file your 2020 tax return where there will be a tax form you will fill out to receive the stimulus at that time. (See additional note regarding Social Security recipients below)

What if I only have Social Security Income and did not file a tax return in 2018 or 2019?

The IRS will calculate your stimulus check based on your Social Security Income for 2019

When will I receive my check?

While the IRS anticipates 3 weeks from the date of the bill’s passage, it could take longer as this is a massive undertaking in the middle of tax season. Direct deposits will come perhaps a month quicker than paper checks.

How will I receive my check?

If you utilize direct deposit or direct debit in filing your last return, your stimulus check will be direct deposited. You do not need to do anything to make this happen.

If you did not utilize a direct deposit in filing your last return, your stimulus check will be mailed to your last known address. If you have moved since filing, you need to fill out the IRS form 8822 with the IRS. (Call the office if you need a copy of this form emailed to you)

With either method, within 15 days of the direct deposit or check being mailed, notice will be sent by US mail to the last known address of the filer indicating how the payment was made (direct deposit or check), the amount of the payment that was made, and contact information for the IRS if the payment was not received.

If I have levies, liens or garnishments against me, will I still receive a Stimulus check?

Yes, unless the levy, lien or garnishment is for back child support. 

Is the stimulus check taxable?

No, the stimulus check is not taxable. The checks are being issued as an “advance credit” on your 2020 income tax return at which time a calculation will be done to determine if corrections need to be made for changes in filing status, dependents, or income. (Similar to the Stimulus Checks advanced to taxpayers during the 2008 / 2009 crisis). In essence, if you do not receive an advanced stimulus check and should have, or if you received more than you should have, the “true-up” will happen with the filing of your 2020 income taxes.

Have any other questions regarding your check and upcoming taxes?

Contact McMillan and Associates, locally trusted CPA, PC  (810) 225-2819