How to Get Your Coronavirus Trump 2020 Stimulus Check as Quickly as Possible for homeowners to pay their mortgage or house or apartment rental payment. Boracina Cash Home buyer can purchase your property asap.
Check out stimulus check 2020 status
I’m here to tell you how to get your stimulus check as quickly as possible. This is straight from the Trump administration and from all the politicians carrying out the stimulus package, and then I’m going to go over the FAQs with you and all the screwed up situations.
My name is Brian Kim. I’m a CPA and Tax Practice owner. And if you notice or if you will notice, I’m going to do this in one take, no edits. Because, frankly, it’s a bloodbath out there and I have individuals and small businesses to help. If I make any errors, please forgive me.
If you want your stimulus check as fast as possible, you’ll need to have your 2019 tax return data on file with the IRS. The Trump administration has said you will be processed first in line. You will be their priority. If you want your stimulus check as quickly as possible. Don’t forget to include your banking information for direct deposits on your 2019 tax return. If you don’t, then they’re your stimulus checked by snail mail, but that’s going to take such a long time. The Trump administration and Mnuchin have said that it will go significantly slower for those who need paper checks. That’s a given.
If you didn’t provide your banking information and you want direct deposits, in order to register for direct deposit or change an account, your routing or account number for direct deposit, call the IRS customer service line at 1-800-829-1040. That phone number is the general customer hotline. You can Google it for yourself. It’s easy to pull up. Therefore, if you want your stimulus check as fast as possible, make sure you file your 2019 tax return and you provide your banking information for direct deposits.
If you have not filed your 2019 tax return, they’re going to go off your 2018 tax return. This could be problematic for some people. If you didn’t file your 2019 tax return and they’re going off your 2018 tax return, and they see that you are disqualified from receiving the stimulus check based off your 2018 data, when in reality you should have qualified from your 2019 data but you just didn’t file so they can’t see it; that’s a problem. That’s a problem because they’re going to disqualify you for 2018 when you really should receive the refund.
If that’s the case, you will not lose that stimulus money. What’s going to happen is that you’ll receive the benefit of the stimulus check money on your 2020 tax return that you’re going to file in early 2021. But that’s going to be not so good because you’re going to have to wait one full year for you to receive and experience that benefits. If you would rather have that money right now, then don’t let this happen to you. But the thing is that you’re not going to lose that benefit. You’re going to experience that a year later on your 2020 tax return.
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You do not need taxable income to qualify for the stimulus check. As you probably heard, they reduce or completely eliminates your stimulus check money after you start exceeding certain thresholds of income. For example, if you’re single and you make 75,000, then they start reducing the stimulus check amounts; $112,500 for head of household and $150,000 for married filing jointly. Those are the phase out ranges.
Here are some screwed up situations. What if your banking has changed from your 2019 tax return or from your 2018 tax return? If that’s the case and you don’t do anything about it, the direct deposit will get rejected and then they’re going to send you a check. That’s going to obviously slow down the process, so that’s a problem if you want your check as quickly as possible. Again, to change your banking information, call the IRS customer service line. Please do that. Just be proactive about it.
What if the address is different from your 2019 tax return? Well, if you have the direct deposit hooked up, then that’s not going to be a problem. If you’re getting a stimulus check, a physical check, yes, that will be a problem. Hopefully, you have mail forwarding. Because if you don’t, I guarantee you it’s going to be a disaster. It’s going to be a fiasco. If that’s the case, then get mail forwarding or call the IRS customer service hotline and please take care of this.
What if you don’t qualify for the check and they give it to you? For example, let’s say you don’t qualify based off your 2019 data, but you didn’t file your 2019 data yet. Again, they’re going off the 2019 data. If you didn’t file your 2019 and you’re not supposed to qualify, basically you made too much money, then they look at your 2018 data and they say, “Oh, based off the 2018 data, this person qualifies.” But they’re only saying that because they don’t have your 2019 data, which shows that you disqualified. Ultimately, if you receive with the stimulus check when you shouldn’t have received it, what’s going to happen is that you’re going to end up paying that back on your 2020 tax return that you’re going to file in early 2021. There will be repercussions on your 2020 tax return, just know that. You didn’t fool anyone.
If you don’t get your stimulus check for whatever reason, if you don’t get your stimulus check, again, you’re going to reap that benefit of the stimulus check money on your 2020 tax return that you’re going to file in early 2021. You’re not going to lose that money. You’re not going to lose that benefit. It just kind of is a terrible situation because you’re not reaping that benefit and experiencing that money right now. However, you don’t lose it. You’re going to get that benefit when you do your 2020 tax return, but that’s a year from now.
If you have not filed your taxes because you only receive Social Security benefits and you’re not required to file, if that’s the case, according to the Trump administration, they’re going to use the Social Security Administration database to hunt you down and put that check in your hands. They’re going to find you and they’re going to give your money. That’s what they said. We’ll see what happens. Okay, so you don’t have to go filing a tax return, technically; or if you’re going to trust and listen to them, that’s what they said.
The stimulus checks will not be a taxable income. This is a 2020 tax rebate that they’re kind of giving you as an advance, as a stimulus check, but in reality it’s a 2020 tax credit. In that situation, it’s really a rebate so it’s not taxable income.
Here’s an interesting one. If you owe money to the IRS for prior years and you haven’t paid it or you have back taxes, what’s very interesting is that you’re still going to get the stimulus check and you’re free to cash it. Normally, it would just apply to your balance due. It would just reduce your balance due. It would just go to your how much you owe them. But here, I guess times are really desperate because they’re giving you a check and they’re letting you cash it.
Children born in 2020 will not get the $500 now, but it will appear as a tax credit on the 2020 tax return. If this doesn’t make sense to people, again, this is because this whole thing, the stimulus check money, their 2020 tax credits; therefore, $500 per child and they’re born in 2020, you’re not going to get the $500 added to you right now. It’s going to get added to you as a benefit on your 2020 tax return.
Okay, that’s all I got for you today. Again, please subscribe to our channel. We have an excellent tax library that’s going to help you and guide you through the stimulus process, the stimulus checks, the stimulus packages, especially for self-employed people and small business owners. Please subscribe. Please stay healthy and safe. Take care.
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