Still haven’t received the Third Economic Impact Payment?

More than 156 million people have already received the third economic impact payment, however, the government is already evaluating the possibility of generating a fourth payment to help overcome the crisis caused by the Coronavirus pandemic.
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To date, millions of Americans have already received their economic impact payments (payments) authorized by the Coronavirus Economic Aid, Relief and Security Act (CARES Act).

At Valle Group we are ready to provide the support you need and help you in this process. Remember that you may be eligible to receive a relief payment if:

• You are a US citizen, a permanent resident of the United States. USA or a qualifying resident alien.

• Another person cannot claim you as a dependent on your return.

• You have a Social Security number (SSN) that is valid for employment (valid SSN), with some exceptions.

• You had adjusted gross income less than an amount based on your tax filing status and the number of your qualifying children.

The IRS explains that foreign residents of the United States. USA with a valid SSN they are eligible for payment if they cannot be claimed as dependents of another taxpayer.

“If you are eligible to file Form 1040 or Form 1040-SR as a citizen of the United States for 2019, including filing a joint federal tax return with a United States citizen or a foreign spouse residing in the United States, file the Form 1040 or Form 1040-SR with the IRS for 2019, even if your income is not enough to require you to file a tax return. You do not need to take any action if you have already filed a Form 1040 or Form 1040-SR for 2019 or 2018”.

If you are considered a resident alien of the United States for 2020 but not for 2019, you can claim the payment when you file Form 1040 or Form 1040-SR with the IRS for tax year 2020.

However, if you are considered a resident alien of the United States for 2019 but not for 2020, you will not be required to pay the payment we paid in 2020 based on your Form 1040 or Form 1040-SR for the 2019 tax year.

Other people who may be paid are eligible retirees and recipients of Social Security retirement, disability (SSDI), survivor benefits, railroad retirement or veteran’s benefits, as well as individuals who do not earn enough money to normally have to file a tax return.

If you recently filed a federal tax return for 2018 or 2019, you do not need to take any additional action. If you have already filed your tax return for 2019, the IRS will use this information to calculate the payment amount. If you have not filed your 2019 tax return but filed a 2018 federal tax return, the IRS will use the information from your 2018 tax return to calculate the payment amount.

“Eligible people will receive $ 1,200. Two eligible individuals filing a joint return will receive $ 2,400. You will receive an additional payment of $ 500 for each qualifying child who claimed on your tax return that will be used to calculate your payment and who meets certain conditions “required by the IRS.

Many people wonder what is the amount of my payment if I have not filed a tax return for 2018 or 2019 and receive an automatic payment based on the benefits that SSA or RRB paid me in 2019? Given this, the IRS explains that your payment is limited to $ 1,200. An additional $ 1,200 will be paid to your spouse if SSA or RRB also paid benefits to you in 2019, but because the IRS would not have information regarding your qualifying children, you will not receive the additional payment of $ 500 for qualifying children unless you provide information. additional to the IRS.

Likewise, you must provide additional information to claim the full payment of $ 2,400 with your spouse if your spouse did not receive SSA or RRB benefits in 2019.

Another of the most frequent queries about Covid-19 reliefs is How will the IRS know where to send the payment? In response, the entity states that “if you received a direct deposit of your refund based on your 2019 tax return (or 2018 tax return if you have not filed your 2019 tax return), the IRS sends your payment to the bank account provided on the most recent tax return. Additionally, if you filed a Form 8888, Refund Assignment, with your tax return to divide your refund into multiple accounts, your payment would be deposited into the first listed bank account”.

If you filed your 2019 or 2018 tax return but did not receive your direct deposit refund, your payment will be mailed to the registered address even if you also receive Direct Deposit Social Security or Railroad Retirement benefits. This is generally the address on your most recent tax return or as updated through the United States Postal Service (USPS).

If you have questions about this process or how to make a safe and successful tax return, get the best advice from the Valle Group team of experts in Nampa. Contact us at 208-505-0108 | 5680 E Franklin Rd. Suite 225 #Nampa, ID 83687 |

* Source: IRS