With the COVID-19 outbreak, we are living in unprecedented times. Across NC and the nation, thousands of people are without work and hurting financially. To help ease the economic impact of this pandemic, the IRS has begun to send out Economic Impact Payments, or stimulus checks as many are calling them.
Here’s what you should know about the Economic Impact Payments:
- If you filed your taxes in 2018 and/or 2019, there’s nothing you need to do to receive your check. The IRS will use your information from these filings to get your payment to you.
- If you did not file your taxes in 2018 or 2019 because you made under the minimum gross income, or for other federally approved reasons, you can fill out an application online to receive your stimulus check.
- Each eligible adult will receive $1,200 for themselves, plus $500 for each dependent.
- For higher income individuals, the stimulus check decreases, and certain individuals are ineligible for the stimulus payment if their income exceeds the cap. For more information on the exact amounts, visit https://www.irs.gov/coronavirus/economic-impact-payment-information-center.
- These payments will not impact your 2020 tax return in any way.
For more information about the Economic Impact Payments, visit the IRS’s website.
When you receive your payment, use it to pay bills and then set any that is left aside for emergencies and necessities during this tough time.
For legal financial advice, give us a call at Craft Law Offices in Greenville, NC today.