Federal lawmakers passed a $2 trillion dollar economic stimulus package today, March 27th, 2020, that will send checks up to $1200 per single adult and $2400 per married couple, to put money directly in the pockets of families impacted by the coronavirus. Families will receive an additional $500 for each child under age 17.
The amount of the check is based on income reported on your 2019 tax return, or 2018 tax return if 2019 is not filed yet. The amount paid to you now will be reconciled on next year's tax return. Use the stimulus check calculator to estimate the amount of your check.
If you have a direct deposit information on your 2019 tax return, the stimulus check will be issue to you via direct deposit into your bank.
What does it mean to taxpayers? The first action you need to take right now is to file your 2019 tax return. If you are getting a refund, choose the direct deposit option to receive your 2019 refund. This will ensure the stimulus check is based on your most recent income, family size and banking information.
If you do not normally file an yearly income tax return, due to income being exempt from tax, or income below filing threshold, you can still file an income tax return voluntarily at this time to speed up the stimulus check issuance to you.
Our office remains open and ready to help our clients meet their income tax filing needs. You can call (605) 332-4829 to make an appointment or drop off your information with limited contact.