2020 Stimulus Payment

Where is my check and why haven’t I received it? Well, that’s the question many of you are asking, but before I can answer that question, you must understand what the payment represents.  The payment is actually an advance payment of a tax credit that most of us will qualify for when we file our 2020 income tax returns.  Rather than wait for everyone to file their 2020 tax returns in order to receive the benefit, the government wanted to get the money into the hands of the taxpayers now in order to help keep the economy running and help taxpayers who are experiencing disruptions of their income due to temporary furloughs and unemployment.  Payments you receive now will reduce the tax credit available on your 2020 income tax return.  If you are not receiving a payment because your 2018 or 2019 income was too high to qualify for a check due to unusual circumstances such as large capital gains, but your expect your 2020 to be lower, fear not as you still may qualify for the tax credit when you file your 2020 tax return.  In other words, you may not be receiving a check now, but you may reap the benefit next year.  The IRS is developing some tools to help people enter or update bank information and track the status of their payments.  Some of these tools are not up and running as I write this.  Go to IRS.gov for links to the tools.  DO NOT go to any third party websites.  DO NOT respond to any e-mail or telephone solicitations from those pretending to want to help you.  Unfortunately there are people looking to take advantage of the situation in order to get access to your bank and personal information.  The answer to the original question is:  The check is in the mail.


%d bloggers like this: