More info on stimulus delays

More info on stimulus delays

Even with a large number of Americans having already received their economic impact payments, many still have not. We’ve been receiving a lot of questions about the delays and we’re going to try to answer them as best as possible. However, please keep in mind we are not tax experts and we defer all final authority to the IRS’s Coronavirus and Economic Impact Payments website.

The most common questions we receive are about the stimulus payments and Social Security. While we don’t have the answer for every situation, from what we understand, payments are supposed to start going out this week. However, that doesn’t mean that everyone on Social Security benefits will receive there’s this week so you should plan accordingly. From everything that we’ve read, if you receive Social Security benefits you’ll receive the stimulus payment the same way you receive your Social Security payments even if you’re not required to file taxes.

[youtube https://www.youtube.com/watch?v=Juz8kyHyJlo%5D

If the IRS does not have any payment information on file for you, you’ll receive a paper check if your eligible for the stimulus payment. Paper checks will be issued in order of annual adjusted gross income. That means that the people who claimed the least income on their 2018 or 2019 tax returns will receive their paper checks first. This article from Forbes contains a schedule of when paper checks are scheduled to be issued depending on your gross income. The highest earners may have to wait until September before receiving their paper checks.

Lastly, we’ve been hearing some discussion about whether or not US citizens who are married to immigrants will receive a stimulus payment. There is an element of truth to this but it’s not as cut and dry as most people think. If a U.S. citizen is married to an immigrant who does not have a Social Security number and file taxes jointly, neither person is eligible for the stimulus payment. However, if the U.S. citizen filed a single return, they are eligible for the stimulus payment. If a U.S. citizen is married to an immigrant who has a Social Security number and filed taxes jointly, both persons are eligible for the stimulus payment.

We hope this clears up some of the confusion.

Discover more from Greg's Corner

Subscribe to get the latest posts sent to your email.