Stimulus Check Question

1,231 Views | 4 Replies | Last: 5 yr ago by Hincemm
Hincemm
How long do you want to ignore this user?
AG
Can any of you CPA or other financial times help me out on this?

My CPA is going to file my 2019 taxes in the next couple of days. In 2018, I did not qualify for a stimulus check due to adjusted gross income but will qualify in 2019.

The IRS site is adamant about not contacting them and instructs you to wait, but I'm curious if anyone knows the trigger and/or the time frame for the stimulus checks to come through. My CPA does not know...

I'm hoping that, unlike the PPP piggy bank, this one has not run out
EMY92
How long do you want to ignore this user?
AG
I'm not a CPA, but I believe that I read in a case like yours, it will be a credit on your 2020 tax return.

The payments were tax credits for 2020 sent out early to those who qualified, if you status changed, you will be able to claim that credit on your next tax return.
Hincemm
How long do you want to ignore this user?
AG
thanks...hadn't heard that
Loaded
How long do you want to ignore this user?
AG
According to the timeline in this article, the stimulus checks will be trickling out through September.

https://www.khou.com/article/news/health/coronavirus/when-will-stimulus-checks-be-mailed-what-to-know-if-youre-still-waiting/285-a0bf039b-81a0-45d8-9040-25f325fa17e2
flown-the-coop
How long do you want to ignore this user?
AG
EMY92 said:

I'm not a CPA, but I believe that I read in a case like yours, it will be a credit on your 2020 tax return.

The payments were tax credits for 2020 sent out early to those who qualified, if you status changed, you will be able to claim that credit on your next tax return.
This is consistent with what I have heard and read. The stimulus is a tax credit for 2020, pre-funded based on your 2018 filing OR your 2019 filing if it was in when they ran their report.

Thinking about how efficient thew US gubmit is, I imagine they ran one report of those with DD information and sent out that money. Either at the same time, they ran same report for those with no DD information, which is then sent to the printer then to the USPS. If you have not filed 2019 yet and did not qualify based on 2018 information, I think you should not be expecting a check.

But, you will have a spot on your 2020 return to claim the tax credit. I doubt there will be any sort of process to try to get the funds before then if you 'missed the boat' this go round.
Hincemm
How long do you want to ignore this user?
AG
makes sense...thanks
Refresh
Page 1 of 1
 
×
subscribe Verify your student status
See Subscription Benefits
Trial only available to users who have never subscribed or participated in a previous trial.