The Forbes Advisor editorial team is independent and objective. The amount will be based on the information sent to the IRS on forms SSA-1099 and RRB-1099. If you receive Social Security (either retirement or disability) but didn’t file a return in 2019 or 2020 because you earn too little to be required to file, you’ll also receive a stimulus check. On the other hand, if you think your adjusted gross income (AGI) increased in 2020 beyond the point of eligibility for this stimulus payment but you would benefit from the financial relief, you may want to hold off on filing until after the payments are distributed (but don’t miss the tax filing deadline-doing so means you’ll face penalties from the IRS if you owe taxes, and some states impose penalties even if you don’t owe money.) You won’t have to pay your stimulus check back to the government if you ended up making too much money in 2020 or 2021. Read more: Tax Season Will Look Different This Year. Tax Day has been pushed back from April 15 to so you have more time to file The IRS says it will continue to process plus-up payments “on a weekly basis going forward” as it receives 2020 tax returns. It’s issuing “plus-up payments” for individuals who now qualify for more money based on their 2020 tax return.įor example, if your income in 2019 was too high to receive a stimulus payment up front, but your 2020 income decreased to a level that would make you eligible to receive a full or partial payment, submit your tax return ASAP to be eligible for a plus-up payment. The IRS will use the most recent tax return on file (2019 or 2020).
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