CARES Act Economic Impact Payments Richard Furlong, Jr. Senior - - PDF document

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Communications & Liaison STAKEHOLDER LIAISON

CARES Act Economic Impact Payments

Richard Furlong, Jr. Senior Stakeholder Liaison

October 22, 2020 South Jersey Working Together Virtual Conference

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The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed by the President on March 27, 2020.

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Economic Impact Payments (EIP) have also been referred to as:

• “Stimulus Payments”

They are advance refunds of the “Recovery Rebates” provided in the legislation.

Economic Impact Payments

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Payments are up to the following amounts:

• $2,400 for two eligible individuals

filing joint returns

• $1,200 for each eligible individual
• $500 for each qualifying child

claimed by an eligible individual Amount of Payment

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More information regarding:

• Payment up to $500 for each

qualifying child

• IRS.gov: Economic Impact Payments:

Qualifying Child Requirements Qualifying Child

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Payment amounts

Filing Status AGI Not More Than Married Filing Joint $150,000 Head of Household $112,500 All Other $75,000

Economic Impact Payment (EIP) amount in full if:

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Limitation Based on AGI

Filing Status AGI Greater Than AGI Less Than Married Filing Joint $150,000 $198,000 Head of Household $112,500 $136,500 All Other $75,000 $99,000

Taxpayers (with no qualifying children) will receive a reduced payment if their AGI is between:

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Who is not eligible? Not eligible:

• Dependents who can be claimed on

someone else’s tax return

• Non-resident aliens

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Notification

• IRS mails Notice 1444, Your Economic

Impact Payment, within 15 days after payment goes out

• Keep Notice 1444 with tax records
• Notice provides information about the

amount of the payment, how it was made and how to report any payment that wasn’t received.

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Get My Payment

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Get My Payment FAQs

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Non-Filer Tool

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Non-Filer Tool FAQs

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Payment Delivery People who aren't typically required to file a tax return:

• Social Security and Railroad

Retirement recipients

• SSDI, SSI and certain veterans
• Other individuals such as low-income

workers, certain veterans and individuals with disabilities

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September 30th deadline People who aren't typically required to file a tax return:

• Social Security and Railroad

Retirement recipients

• SSDI, SSI and certain veterans

IR-2020-180, August 14, 2020: IRS takes new steps to ensure people with children receive $500 Economic Impact Payments

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Special Letter IR-2020-203, September 8, 2020: IRS to mail special letter to estimated 9 million non-filers, urging them to claim Economic Impact Payment by Oct. 15 at IRS.gov

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November 21 deadline

• November 21 deadline for people who aren't

typically required to file a tax return.

• For example, people with little or no income who

don’t receive federal benefits such as SSDI or SSI.

• IR-2020-229, October 5, 2020. IRS extends EIP

deadline to Nov. 21 to help non-filers

• Note: This additional time into November is for

those who have not received their EIP and don't normally file a tax return.

• Taxpayers who requested an extension of time to file

their 2019 tax return deadline remains October 15.

• People using paper method to claim EIP need to

submit by October 15.

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Who should not use the Non-Filer tool

• Do NOT use this tool if you will be filing

a 2019 return.

• This includes those who file a tax return

to get a refund even though they are not required to file a tax return.

• Using the tool instead of filing your

2019 return will slow down processing

• f your tax return and receiving any tax

refund.

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• People should check to see if they should

file a return by October 15 to claim tax credits and their Economic Impact Payment instead of using the Non-Filers tool.

• Many low-income individuals qualify for tax

credits, even if they owe no tax or aren’t required to file tax returns

• Explore the IRS Interactive Tax Assistant

and EITC Assistant on IRS.gov to see if they qualify for other tax credits.

Need to file a return instead?

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Who should use the Non- Filer tool Use the Non-Filer tool if you do not normally file a return and are not planning to file a federal income tax return for 2019 because:

• Your income is less than $12,200
• You’re married filing jointly and

together your income is less than $24,400

• You have no income

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Non-Filers: Enter Payment Info

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IRS now has three ways non-filers can sign up for an Economic Impact Payment:

• 1. Non-Filers: Enter Payment Info Here tool at

IRS.gov – Deadline is November 21

• 2. Mail the online form: Use the Non-Filers tool to

complete the form online, then stop before e-filing, print the information and mail it to the

• IRS. – Deadline is October 15
• 3. Mail a Form 1040 or a Form 1040-SR (for

seniors) to file a “simplified return” to claim an

• EIP. – Deadline is October 15

Three ways to get EIP

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Watch out for scams related to Economic Impact Payments

• Watch for scams related to Economic Impact

Payments

• Some use email, phone calls or texts
• IRS will not send unsolicited electronic

communications asking people to open attachments, visit a website or share personal or financial information

• IRS.gov has official information
• Non-Filers tool and Get My Payment tool are only

available on IRS.gov

Watch out for scams

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IRS.gov homepage

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EIP Information Center

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Partner and Promotional Materials

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Communications & Liaison STAKEHOLDER LIAISON

www.irs.gov/coronavirus

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Connect With the IRS

IRS2Go mobile app YouTube: IRS videos Twitter: @IRStaxsecurity Facebook: @IRS Instagram: @IRSnews e-News subscriptions www.irs.gov/socialmedia

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Communications & Liaison STAKEHOLDER LIAISON

Richard Furlong, Jr. Senior Stakeholder Liaison 267-941-6343 richard.g.furlong@irs.gov

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