![]() ![]() ![]() What do they consider my adjusted gross income for the purpose of determining my stimulus check eligibility? This obviously creates some complications, as outlined and answered below. ![]() There is one major difference between other refundable tax credits and this one, though: You’re getting this refund a year before - or "in advance of "- filing your 2020 tax return that you’ll be claiming it on. ![]() You’ll just get a check in the mail for whatever you’re owed (or a direct deposit, if you’ve provided your banking information on your tax return). These are the ones the government will give you a refund for, even if you’ve hit net zero and don't owe anything. S o me tax credits just mean you owe less money to the government, so if you don’t owe anything, they don’t apply to you.īut the stimulus check is the other kind of tax credit: a refundable tax credit, like the American Opportunity Tax Credit or Earned Income Tax Credit. We’ll keep you updated on any developments here, or you can check this Internal Revenue Service page under “Do I need to take any action?” Do I still get something if I don’t expect to get a tax refund for 2020? Go to their stimulus check page, and scroll down to “If you don’t need to file your taxes this year,” to send your banking information and your home address to the Internal Revenue Service so they have the information they need to direct deposit or mail you your check. TurboTax has also created a portal of its own, so non-filers can get their information to the IRS. The portal asks information such as your date of birth, current address, and Social Security numbers for all people who are eligible for payments, as well as optional information such as your direct deposit info. However, both Social Security and Social Security Disability recipients will need to take an additional step if they have dependents under the age of 17 and want to receive that extra $500, per the Social Security website, although specific steps haven't been outlined just yet.Īnyone who doesn’t file income taxes OR get Social Security benefits should fill out the online Internal Revenue Service form that went live on Friday, April 10, allowing non-filers to get their stimulus payments. This also goes for Social Security Disability Insurance recipients. You’ll get a direct deposit or a check in the mail from the Treasury - it’ll be the same way you usually receive your benefits from the Social Security Administration. If you’re a Social Security recipient, the Internal Revenue Service will use information from your SSA-1099 tax form (the one you received in January). What if I don’t have to file income taxes? It won't be taxable and it won't affect your income tax bracket for 2020. Will it count towards my taxable income for 2020? The stimulus check will be in addition to what you would’ve otherwise expected. So the Internal Revenue Service isn't giving you some of your 2020 tax refund upfront. The ‘advance’ you’ve been hearing about is in reference to a special tax credit that’ll appear on the tax return you file in 2021 for the 2020 tax year - a tax credit that wouldn’t have been there if it wasn’t for these stimulus checks. Here's what you need to know: Will this eat into my tax refund for 2020? ![]()
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