STRATEGY FOR GETTING THE MOST FROM THE STIMULUS CHECKS, AND THE FASTEST.
If you have not filed your 2019 check yet consider this option.
The stimulus check you receive this year will be determined by your AGI.
Will your AGI for 2019 get you a better stimulus amount because of the income limitations?
See the limitations in our post here http://smarttaxadvisor.com/cares-act-provision-you-need-to-know/
So far the rules state that there will be a settlement on the 2020 return as follow:
- If you are owed more money you will receive it with your 2020 return
- If you received too much money you may not owe the difference.
(this may change with correcting legislation)
AND if filing your 2019 return, setting up direct debit or direct deposit so the IRS has your bank information and can deliver the stimulus payment to your faster.
Remember, even if you do direct debit, the amount you owe is not due until 7/15/2020.
Keep checking back here for more COVID-19 Tax Updates and FAQs.