Have You Received Your Economic Impact Payment Yet?
As part of the CARES Act of 2020, many taxpayers are eligible for at least a $1,200 stimulus check ($2,400 for joint filers), and possibly more, if they have dependents such as young children. Specifically, taxpayers are eligible to receive $500 for each dependent child under the age of 17.
While most taxpayers who are eligible for the payment have already received theirs, there are still a few groups of taxpayers who have not. Those include U.S. tax residents who have not filed a 2018 or 2019 tax return. Therefore, if you still haven’t filed your 2018 and/or 2019 tax return, it behooves you to get caught up as soon as possible. Even if you live overseas, you are still likely required to file a U.S. tax return since your income is more than likely over the filing threshold. Hence, being overseas does not absolve you of your U.S. tax filing duty.
Further, some taxpayers have still not received the $500 credit for their dependents. For these individuals, they have until September 30 to submit their information. Otherwise, they may need to wait until next year and claim it as a credit on their 2020 tax return.
If you have already filed your 2018 and 2019 tax returns and have registered to receive the Economic Impact Payment, you may check the status of your payment by visiting the Get My Payment site, here: https://www.irs.gov/coronavirus/get-my-payment
Please note that failing to take action on this may lead to your payment being delayed until you file your 2020 tax return. This means that you would have to wait for months to receive money that is yours. If you would like to receive your economic impact payment but haven’t filed a recent tax return yet, get in touch with us today so we can help you get caught up and receive the money that you are entitled to.