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Will you be receiving a STIMULUS CHECK in the next coming weeks? Here’s what you need to know 
They will indeed be basing your qualification on the 2019 tax return FIRST and if you haven’t filed the 2019 due to the extension they offered, they will move forward to pull your 2018 tax return. Here are the income qualifications and where it gets a bit tricky
The income qualification will be based on your Adjusted Gross Income which can be found on Line 7 of your 2018 tax return or line 8b on your 2019 tax return documents. If you have no idea what I’m talking about, make sure to contact my tax office (267)792-0186
If your filing status is SINGLE and you made up to $75,000 dollars, you will be receiving a $1,200 dollar stimulus check. That $1,200 will begin to decrease based on the amount of income you made over the threshold of $75,000. If you made over $99,000 you won’t get anything.
If your filing status is Married Filing Jointly (MFJ) you and your spouse will get a $2,400 dollar stimulus check if you made up to $150,000 dollars for the year. The check will begin to decrease on income over $150,000 and you won’t get anything if it exceeds $199,000
It also depends on your family size. If you have any children under the age of 17 you will be receiving an ADDITIONAL $500 dollars per child. So if you’re filing status is single and you have a child, you would get ( $1,200 + $500 ) as a stimulus check
Here’s where things get tricky:
If you haven’t filed a 2019 tax return and they base your qualification on the 2018 tax return, it could potentially push you out of qualification or decrease the amount you should be receiving if they had an up-to-date tax filing. Example
If you haven’t filed a 2019 tax return and they base your qualification on the 2018 tax return, it could potentially push you out of qualification or decrease the amount you should be receiving if they had an up-to-date tax filing. Example
Don did not file a tax return for 2019. In 2018, he filed as single and his AGI was $102,000 dollars. We WON’T get a stimulus check. But in 2019, Don needed to take time off from work so his AGI was $74,000 dollars. If he filed a 2019 tax return, he WOULD be getting a stimulus!
Here’s another example:
Don’s AGI was $74,000 on his 2018 tax return. He didn’t file a 2019 tax return as of yet because the IRS extended the filing date. His AGI in 2019 is $102,000. Based on this info, I would recommend Don to hold back his 2019 tax filing so he can qualify!
Don’s AGI was $74,000 on his 2018 tax return. He didn’t file a 2019 tax return as of yet because the IRS extended the filing date. His AGI in 2019 is $102,000. Based on this info, I would recommend Don to hold back his 2019 tax filing so he can qualify!
I will cover other variables later today. But to summarize, you NEED to have filed a 2019 or 2018 tax return and the answer on if you qualify is, IT ALL DEPENDS. Download the JUMPING JACK TAX APP to connect with one of our virtual tax preparers so they can give you a tax strategy
