topic Re: Stimulus: One-Time Payment Or Multiple? in Self employed

Stimulus: One-Time Payment Or Multiple?

A-Two-O — Fri, 05 Jun 2020 05:45:52 GMT

Hi,

I'm behind on my taxes so I haven't received anything yet, nor do I know yet if I'll even qualify, but nonetheless...

1) Are people only receiving one (up-to) $1200 check/deposit for the duration of the entire shelter-in-place period of time?

- Or are there more than one payment, depending on how long someone's been out of work or financially impacted?

2) Let's say my taxes were filed today, have I then forfeited any potential stimulus payments from March 2020 til now? Ie, have I 'missed out' due to the supply running out after so much time has passed without claiming any of it?

- Or is it based on when the time-frame began that I stopped working, and the accumulated funds will be available indefinitely regardless of when I file my taxes?

Thanks very much for any clarification!

Alex

Re: Stimulus: One-Time Payment Or Multiple?

AnnetteB6 — Fri, 05 Jun 2020 13:26:59 GMT

There is only a single stimulus payment available. There are not multiple stimulus payments being issued.

To learn more about the stimulus payments based on your tax returns, use the following links:

IRS -- Economic Impact Payments

TurboTax Corona Virus Tax Center

@A-Two-O

Re: Stimulus: One-Time Payment Or Multiple?

A-Two-O — Fri, 05 Jun 2020 17:03:05 GMT

Hi @AnnetteB6

I see, thanks.

And the 2nd part?

"Let's say my taxes were filed at this late stage, have I forfeited a potential stimulus payment...Ie, have I 'missed out' due to the supply running out without claiming any of it? Or will it remain available/accessible til it's personally claimed, regardless?"

Re: Stimulus: One-Time Payment Or Multiple?

SusanY1 — Fri, 05 Jun 2020 18:33:31 GMT

There is not a limited supply of the economic impact payments ("stimulus checks").

If you are qualified, you will receive your payment.

If your information is delayed reaching the IRS and a payment is not sent to you by year end, you will simply apply for a credit on your 2020 tax return when you file in 2021.

Re: Stimulus: One-Time Payment Or Multiple?

A-Two-O — Fri, 05 Jun 2020 18:37:58 GMT

Hi @SusanY1

Thanks very much.

-> And as long as someone files via TurboTax (as opposed to sending it in the mail) they shouldn't expect any delays, is this accurate?

Re: Stimulus: One-Time Payment Or Multiple?

SusanY1 — Fri, 05 Jun 2020 18:43:22 GMT

There are no guarantees of no delays no matter how you file at this point due to reductions in IRS staff to process submissions.

Many taxpayers, even those filing returns electronically, are reporting lengthy processing delays at this time.

It is not yet know when the IRS will resume normal operations.