Soon the first set of Stimulus Payments are set to go out. These are the payments you have all heard a lot about in the news. With these payments set to go out I thought it would be good to write and try to separate fact from fiction concerning these payments. There is a lot of information out there about these, some good, some bad. I will try to explain what I know about these payments in the bullet points below:
o $2,400 for married filing joint taxpayers
o $500 for each child listed as a dependent who is under 17
o For head of household it begins at $112,500 and total phase out is at $136,500
o For MFJ it begins at $150,000 and total phase out is at $198,000
o Paper Check: If the IRS does not have a “bank of record” they will issue a paper check to the address on the latest return (2018 or 2019) filed. If you have changed addresses since then you need to submit a Form 8822 to IRS as soon as possible. You can find this form at www.irs.gov.
As always know we are here for you should you have any questions. Take care and stay safe. This will be over soon.
J. Alan Hayes, CPA
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J. Alan Hayes