Here are 5 things to know about the COVID-19 stimulus payments:
Another thing to keep in mind: while the stimulus checks are technically an advance refund on 2020 taxes, if you miraculously makemoney this year and end up in the phase-out category, it appears you won’t have to return the money to the government. Stimulus checks will be direct deposited into the bank account listed on 2019 tax returns . If no bank account is listed on either return, the IRS will send a physical check to your most recent address on file.
so individuals can update their banking information online to ensure their stimulus check is deposited appropriately. By law, the Treasury must send a notice of payment, by mail, to your last known address. The notice will include a phone number at the IRS to contact if you didn’t receive the payment. This could be helpful for individuals who live at the same address listed on their last tax return but have new banking information and don’t update it in the promised IRS portal.
Who is a dependent? By law, a child under the age of 19 at the end of the year, who lives with you for more than half of the year and has not provided more than half of his or her own support for the year, qualifies as your dependent, so long as he or she doesn’t file a joint return for the year. But a full time student under the age of 24 is also your dependent, even if they live mostly at college—-if you provide more than half their support and they aren’t married and filing a joint return.
Some might think that they can get around this no-stimulus-for-dependents over 17 provision by asking their parents not to claim them on their taxes, if they haven’t already. No dice. As long as a student is a dependent under the legal definition in the law,If the student falls out of the legal definition of a dependent, they should consider filing a tax return with the IRS even if they have no taxable income to be eligible for a stimulus check.Owing the government money is never fun.
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