We have not heard that although you should file for unemployment since the stimulus package includes increased unemployment payments.
I understand it could be an additional $600 a week on top of what you get from the state, but not completely sure on that.
As far as the stimulus checks are concerned, according to the IRS:
"Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return."
So, if your income was over that, you won't get a stimulus check in April , HOWEVER, we have been told that it is an advance on a 2020 credit, which means that if your income is lower in 2020, you might get the credit when you file your 2020 tax return next year.
Below is an IRS link with more:
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well, you can't file for it now, but here is how it works, so you should eventually get it:
- IRS will use your 2019 (and if it's not filed your 2018) tax return to determine how much to send you now.
HOWEVER what is really going to occur is that the 2020 tax return will be the real determinant of how much you are to receive.
The 2020 tax return will determine your credit based on 2020 income and dependents, etc. Then the IRS will subtract what was received as a payment over the next few weeks/ months.
If that answer is positive, you will receive a tax credit for the remainder as you weren't sent enough originally,
if that answer is negative, meaning you were sent too much originally, you will not be obligated to return the money,.
So let's say your 2019 income was $100,000 so you don't receive a stimulus payment now, but when you complete your 2020 tax return, your 2020 income is only $40,000, then once you calculate your refund / taxes owned, your refund will be increased by $1200 (or your tax due will be reduced by $1200)
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