WHAT should I do to receive the stimulus check?
None. You don’t need to do anything. The IRS will calculate and automatically send your economic impact payment.
How will the IRS know my information?
If you have already filed your 2019 tax returns, the IRS will use this information to calculate your payment. If you have not yet filed your 2019 returns, IRS will use your 2018 tax returns.
What if I’m a senior and didn’t file either 2018 or 2019 tax returns:?
IRS will use information on your Form SSA-1099 or Form RRB-1099 to generate your stimulus check. This applies to senior citizens, Social Security recipients and railroad retirees who are not required to file tax returns.
How would the IRS know of my dependents if I didn’t file tax returns?
IRS would not know. They would have no information regarding your dependents. You won’t receive additional $500 for your dependents. Go to IRS website as explained below.
Where can I get more information?
Go to IRS.gov/coronavirus. Do not call. The IRS is understaffed and is deluged with telephone calls. This situation is quite fluid as the Department of Treasury works on detailed regulations. Rules are still being drawn so be patient as you are with your spouse and children. The law is so new that provisions of the Economic Impact Payments are still being interpreted. Democrats interpret it one way, Republicans another way; but mind you, they always flavor their tweets and media releases with “For The American People.” At the end of the day, we truly appreciate their efforts to contain this pandemic that affects our daily lives now and the future.
* * *
Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation in Pasadena, California.
* * *
He has 50 years of experience in defending taxpayers audited by the IRS, FTB, EDD, BOE and other governmental agencies. He is publishing a book on his expertise – “HOW TO AVOID OR SURVIVE IRS AUDITS.” Our readers may inquire about the book or email tax questions at [email protected].
