Posted on 03/31/2020 8:54:12 PM PDT by catnipman
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available. For other information about the COVID-19 virus, people should visit the Centers for Disease Control and Prevention (CDC) (https://www.coronavirus.gov) for health information. Other information about actions being taken by the U.S. government is available at https://www.usa.gov/coronavirus and in Spanish at https://gobierno.usa.gov/coronavirus. The Department of Treasury also has information available at Coronavirus: Resources, Updates, and What You Should Know.
Economic Impact Payments: What you need to know
The distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. Please do not call the IRS about this. When more specific details become available, we will update this page.
News Releases
IR-2020-62, IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19
IR 2020-61, Economic impact payments: What you need to know
IR-2020-59, IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program
IR-2020-58, Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount
IR-2020-57, Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave
Treasury News Release: Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak
IR-2020-54, IRS: High-deductible health plans can cover coronavirus costs
(Excerpt) Read more at irs.gov ...
Thank you!
I thought I read if you receive SS benefits that IRS will use your SS info where your SS check is deposited to issue the refund.
Like if you get your SS check deposited to your local bank, SS knows this info and IRS will use that info from SS to deposit your refund check.
Nah they changed it. Now it has to be a return.
I will wait until the post the online forms they are SUPPOSED to.
I was in a grumpy mood at that point last night :)
I’ll figure it out. Thanks for the reply though..
Thanks for your post!
Just sent our tax package to our preparer yesterday (1 1/2 pounds of documents). I will ask her to file form 8888 even though we WILL owe taxes.
Again, thank you.
$1,200/person or $2,400/couple and $500 for each dependent child ...
i’ve been a woodworker since i was 8 years old, but have always admired folks with the skills and knowledge to make musical instruments ...
“Do we have to do our 2019 taxes *now* or are our 2018 records okay?”
they’ll use the 2018 taxes to determine the threshold of $75,000 AGI, which is the cutoff to receive the FULL stimulus amount ... don’t know if they’ll use the 2018 direct deposit info ...
Our bank and mortgage holders are not really giving anyone any real relief. My bank (credit union) is only allowing payment delays on new accounts (like stores don't already have '90 days same as cash' offers!).
Our mortgage holder allows a three month delay and then all three months are due immediately. My wife is out of work (the school is closed) and she's not getting paid (So what is the Board of Education doing with all that already paid tax money?)...
“I tried a few of the free sites.”
thanks for letting me know the free sites suck ... not surprised ... the PC software lets you submit Fed taxes electronically for free, but want too much money to e-submit state taxes; i can use the time-consuming Colorado state online filing service, which works but is a PITA, so i usually just print out state taxes and mail them in ...
Thanks for posting info, catnipman.
I always do my own taxes by hand and mail it in. But a relative asked me to do his 2019 taxes online. There’s no state income tax so will only have to file federal. If anyone knows of a free online filing site that includes Form 8888, please post it here. Thanks for any suggestions. I’ll be doing his taxes later today.
Just remembered when doing taxes by hand, you can put your bank info on page 2 of the 1040 for refund going to one bank account.
Is online different? Is there no option going thru the 1040 form where you can put one bank account for direct deposit?
The instructions for Form 8888 say to use that form only if you are using several bank accounts for the deposit??
“Is online different? Is there no option going thru the 1040 form where you can put one bank account for direct deposit?
The instructions for Form 8888 say to use that form only if you are using several bank accounts for the deposit??”
sorry, don’t know ...
“The instructions for Form 8888 say to use that form only if you are using several bank accounts for the deposit??”
yet, the top line on Form 8888 says “one or more accounts”:
“Complete this part if you want us to directly deposit a portion of your refund to one or more accounts.”
Lord knows we don’t have to worry about being anywhere near the threshold amount.
SAVED!
Well, when you count the -$6,666.67 per man, woman, child in debt, the real value is -$5466.67.
If you only count per household, the debt is $17,109.97. So invest your $1200 wisely, you’ve got a lot to pay back.
Great! How many people’s SS have been stolen.
I thought I read if you receive SS benefits that IRS will use your SS info where your SS check is deposited to issue the refund.
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With near certainty that is what the IRS will do. The IRS/Treasury and the Social Security Administration exchange data all the time for other reasons. It will be routine if the SS beneficiary has direct deposit.
If you get SS or SSI direct deposited they will use that info to get the money for those that do not file a tax return.
I have a dependent that has SSI, so they may give the 1200 twice.
That would be OK because the dependent has a split personality...
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