COVID19 STIMULUS PAYMENT UPDATES
Tax Deadlines and Changes
List of New US Tax Deadlines for 2020
Here’s a list of regular tax deadlines and how they have been impacted by the IRS’s response to the Coronavirus pandemic:
April 15th: Regular US Tax Deadline – This is normally when taxes are due. However, due to the Coronavirus pandemic, the Secretary of Treasury has extended the date to July 15th.
June 15th: Regular Extension for Americans Abroad – Typically, expats receive an automatic two-month extension on their US filings. However, due to the coronavirus pandemic, the IRS has extended this deadline to July 15th as well. Note that both the tax filing and tax payments are now due on July 15th.
July 15th: New 2020 Tax Deadline for All Americans – This is the new US tax deadline for Americans living in the US and abroad. Normally, if taxes due to the IRS are not paid by April 15th, interest accrues and/or penalties can be assessed. With the breaking news from the IRS, all taxes owed can be auto extended to July 15th without interest or penalties.
October 15th: IRS Extension Deadline – All expats are eligible to extend their tax return due date to October. Expats who are not ready to file by June 15th can submit IRS Form 4868 to extend their tax deadline to October 15th.
December 15th: Special Extension for Americans Abroad – Americans living abroad can write a letter to the IRS to request a final two-month extension to December 15th. Note: This is a discretionary extension and not automatically granted. Thus it should only be used as a last resort should you not have your proper paperwork in on time or other extenuating circumstances. Some expats may need more time to qualify for the Foreign Earned Income Exclusion, which, in most cases I recommend you file a special extension for additional time instead of trying a December extension.
Stimulus Payment and Qualification
The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some taxpayers who typically do not file returns will need to submit a simple tax return to receive the economic impact payment.
Who is eligible for the economic impact payment?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.
How will the IRS know where to send my payment?
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.
The IRS does not have my direct deposit information. What can I do?
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
I am not typically required to file a tax return. Can I still receive my payment?
Yes. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.
Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time.
I have a tax filing obligation but have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.
I need to file a tax return. How long are the economic impact payments available?
For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.
Where can I get more information?
The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.
The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on IRS.gov/coronavirus.
If you don’t file taxes, use the "Non-Filers: Enter Your Payment Info Here" application to provide simple information so you can get your payment.
You should use this application if:
You did not file a 2018 or 2019 federal income tax return because your gross income was under $12,200 ($24,400 for married couples). This includes people who had no income. Or
You weren’t required to file a 2018 or 2019 federal income tax return for other reasons
If you receive these benefits, we already have your information and you will receive $1,200. Do not use this application if you receive:
Social Security retirement, disability (SSDI), or survivor benefits
Railroad Retirement and Survivor Benefits
Special note: People in these groups who have qualifying children under age 17 can use this application to claim the $500 payment per child.
Click the link below to be redirected to the IRS non-filer payment registration:
Information for Non-Filers
Information for Filers
Use the "Get My Payment" application to:
Check your payment status
Confirm your payment type: direct deposit or check
Enter your bank account information for direct deposit if we don't have your direct deposit information and we haven't sent your payment yet
Update your bank account or mailing address
If we don’t have your direct deposit information from your 2018 or 2019 return – and we haven’t yet sent your payment – use the Get My Payment application to let us know where to send your direct deposit.
2019 Filers: We will send your payment using the information you provided with your 2019 tax return. You will not be able to change it.
2018 Filers: If you need to change your account information or mailing address, file your 2019 taxes electronically as soon as possible. That is the only way to let us know your new information.
Click the link below to go directly to the IRS