Where's MY Stimulus Check ? Bucks & Montgomery County PA

By
Services for Real Estate Pros with Trusted Tax Resolution

I represent taxpayers who have IRS issues in Bucks and Montgomery county PA. 

You need to a file a tax return in order to get your stimulus check!    If you did not file in 2018 or 2019 and you qualify for a stimulus check, you need to file your 2020 tax return to take advantage of the benefit through the Recovery Rebate Credit. I have seen an uptick of non-filers looking for their stimulus payments.

In March 2020, the first round of stimulus checks went out individuals with adjusted gross income up to $75,000 and couples who made $150,000 in 2018 or 2019 based upon their tax returns. Payments were $1,200 per qualifying adult and $500 per child.

In December 2020, the second round was approved for $600 per qualifying adult or child.

If your 2020 adjusted gross income is lower and below the original thresholds, you may qualify for the benefit by filing your return and taking the Recovery Rebate Credit.

Some frequently asked questions that I am receiving:

1) Are the stimulus payments that were received in 2020 taxable? No, they are not.

2) If I received too much money through a stimulus check(s), do I need to pay it back? No, you do not.

3) If I do not have to file and qualify for a stimulus check, how do I get my money?  You have to file a 2020 tax return and claim the Recovery Rebate Credit.

Currently, there is talk of a third round of stimulus checks. President Joe Biden's plan is to send $1,400 to people who qualify. Congress hopes to pass this measure by mid-March. Nothing has been finalized yet.

The stimulus checks demonstrate the importance of filing a tax return. Even if you have not filed in years, now is the time to file your 2020 tax return to qualify for Recovery Rebate Credits, even if you owe back taxes.

If you or someone who know has a tax issue, please contact me at 215-316-3437 or steve@trustedtaxresolution.com.

Steven Buonomo CPA

Trusted Tax Resolution LLC

1016 Mill Creek Road

Feaserville, PA 19053

215-316-3437 

steve@trustedtaxresolution.com

 

Comments (0)