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Category: Economic Impact Payments

Economic Impact Payments 2

Posted on by Gabriela Trujillo

EIP2 deposits that were erroneously sent to closed refund transfer accounts were required to be returned to the IRS. The bank does not have these payments, and the IRS will be  issuing these payments directly to taxpayers.

Most taxpayers EIP2 stimulus payments will be processed by IRS and sent via your bank account or by check by February 1st based on the information you provided with their 2019 tax return.

Once payments are made by IRS, the Get My Payment tool on the IRS website

https://www.irs.gov/coronavirus/get-my-payment

 will be updated to reflect the payment amount after February 1st.

Banks or tax preparers DO NOT have the funds – the US Treasury has the money and will be delivering it to taxpayers through the IRS process as stated above.

If you moved or changed address the you can go online to the USPS website and submit a change of address.

USPS Change Of Address – Skip the Post Office Line

What is the Recovery Rebate Credit?

The Recovery Rebate Credit is authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the COVID-related Tax Relief Act. It is a tax credit against your 2020 income tax. Generally, this credit will increase the amount of your tax refund or decrease the amount of the tax you owe.

The Recovery Rebate Credit was eligible to be paid in two rounds of advance payments during 2020 and early 2021. These advanced payments of the Recovery Rebate Credit are referred to as the first and second Economic Impact Payments.

Individuals who received the full amounts of both Economic Impact Payments do not need to complete any information about the Recovery Rebate Credit on their 2020 tax returns. They already received the full amount of the Recovery Rebate Credit as Economic Impact Payments. You received the full amounts of both Economic Impact Payments if:

Your first Economic Impact Payment was $1,200 ($2,400 if married filing jointly for 2020) plus $500 for each qualifying child you had in 2020; and.

Your second Economic Impact Payment was $600 ($1,200 if married filing jointly for 2020) plus $600 for each qualifying child you had in 2020.

Who can claim the Recovery Rebate Credit?

Eligible individuals who did not receive the full amounts of both Economic Impact Payments may claim the Recovery Rebate Credit on their 2020 Form 1040 or 1040-SR.

Generally, you are eligible to claim the Recovery Rebate Credit if you were a U.S. citizen or U.S. resident alien in 2020, cannot be claimed as a dependent of another taxpayer for tax year 2020, and have a Social Security number valid for employment that is issued before the due date of your 2020 tax return (including extensions).

You must file Form 1040 or Form 1040-SR to claim the Recovery Rebate Credit even if you are normally not required to file a tax return. Anyone with income of $72,000 or less can file their Federal tax return electronically for small fee through MKG Tax Consultants eFile Program. 

https://mkgtaxconsultans.com

The safest and fastest way to get a tax refund is to combine electronic filing with Direct Deposit.

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Marshawn Govan, RRTP

Register Return Tax Preparer 

MKG Tax Consultants 

4021 N Fresno Street #107

Fresno, CA 93726

Phone (559) 412-7248

Toll-Free 1-866-675-3933

Tax, Accounting, Audit, Assurance & Advisory Service

Website: mkgtaxconsultants.com

Filers Check on the status of your Economic Impact Payment

Posted on by Gabriela Trujillo

 

Use the Get My Stimulus Payment

https://www.irs.gov/coronavirus/get-my-payment

How to check the status of your stimulus payment.

Clients that are going on the IRS portal to enter information when it ask for your social do not put any spaces in that, will throw the whole thing off and when you go to enter your Adjusted Gross Income “AGI” and amount of tax return don’t use any commas or anything.


Example social: 234689999
Agi example: 30250
Amount of tax return example: 7500
Enter whole dollar amount no cents!

application to:

Check your payment status
Confirm your payment type: direct deposit or check


Enter your bank account information for direct deposit if we don’t have your direct deposit information and we haven’t sent your payment yet

Update your bank account or mailing address


If we don’t have your direct deposit information from your 2018 or 2019 return – and we haven’t yet sent your payment – use the Get My Payment application to let us know where to send your direct deposit.


2019 Filers: We will send your payment using the information you provided with your 2019 tax return. You will not be able to change it.


2018 Filers: If you need to change your account information or mailing address, file your 2019 taxes electronically as soon as possible.

That is the only way to let us know your new information.

If you received a check printed from Republic Bank then call Taxpayer Support 866-581-1040

If you received a check printed from Refund-Advantage then call Taxpayer Support 866-876-6648

If you received a check printed from Refundo then call Taxpayer Support 908-445-5544

If you received a check printed from Santa Barbara Tax Refund Solutions then call Taxpayer Support 800-901-6663

If you received a check printed from EPS Financial then call Taxpayer Support 888-782-0860

If you received a check printed from River City then call Taxpayer Support 888-820-7848 or 270-547-5151

 

to update your mailing address check will be mailed to your 2019 address used to file your most recent tax return with MKG Tax Consultants

IRS change of address individual f8822

 

MKG Enterprises Corp.

4021 N Fresno Street Suite 107

Fresno, CA 93726

Office (559) 412-7248 | (866) 675-3933

Non-Filers Economic Impact Payments Free Direct Deposit Bank Accounts

Posted on by Gabriela Trujillo

You should use MKG Tax Consultants free direct deposit account and tax preparation service if:

  • You did not file a 2018 or 2019 federal income tax return because your gross income was under $12,200 ($24,400 for married couples). This includes people who had no income. Or
  • You weren’t required to file a 2018 or 2019 federal income tax return for other reasons

If you receive these benefits, we already have your information and you will receive $1,200. Do not use this application if you receive:

  • Social Security retirement, disability (SSDI), or survivor benefits
  • Railroad Retirement and Survivor Benefits

Special note: People in these groups who have qualifying children under age 17 can use this application to claim the $500 payment per child.

Here is what you need to know about your Economic Impact Payment. For most taxpayers, payments are automatic, and no further action is needed. This includes taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.Use tab to go to the next focusable element

Who is eligible?

Open a Non-Filers Free Bank account

www.mkgtaxconsultants.com/care-act-economic-impact-payments

U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:

  • $75,000 for individuals
  • $112,500 for head of household filers and
  • $150,000 for married couples filing joint returns

Taxpayers will receive a reduced payment if their AGI is between:

  • $75,000 and $99,000 if their filing status was single or married filing separately
  • 112,500 and $136,500 for head of household
  • $150,000 and $198,000 if their filing status was married filing jointly

The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income.

Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans’ benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.

Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically.

Although some filers, such as high-income filers, will not qualify for an Economic Impact Payment, most will.

Taxpayers likely won’t qualify for an Economic Impact Payment if any of the following apply:

  • Your adjusted gross income is greater than
    • $99,000 if your filing status was single or married filing separately
    • $136,500 for head of household
    • $198,000 if your filing status was married filing jointly
  • You can be claimed as a dependent on someone else’s return. For example, this would include a child, student or older dependent who can be claimed on a parent’s return.
  • You do not have a valid Social Security number.
  • You are a nonresident alien.
  • You filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019.

CARE Act Economic Impact Payments

Posted on by Gabriela Trujillo

WASHINGTON — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.

Who is eligible for the economic impact payment?

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.

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.

How will the IRS know where to send my payment?

The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

USPS online change of address

The IRS does not have my direct deposit information. What can I do?

In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

I am not typically required to file a tax return. Can I still receive my payment?

Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

How can I file the tax return needed to receive my economic impact payment?

 

MKG Tax Consultants pay-by-refund options provides no up front fee or out of pocket cost and 24/7 live chat remote tax advisors assistance on preparing and filing instructions for people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.

I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?

Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.

I need to file a tax return. How long are the economic impact payments available?

For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.

MKG Tax Consultants pay-by-refund  options

File online pay-by-refund 

Where can I get more information?

The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.

The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on IRS.gov/coronavirus rather than calling IRS assistors who are helping process 2019 returns.

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