Can everybody file later?
Any taxpayer (individual, a trust, an estate, a corporation, or any type of unincorporated business entity) with a 2019 income tax return or payment due on April 15, 2020
is eligible for relief and can file and pay by July 15, 2020.
Do I have to be ill, self isolated, or impacted by COVID-19 to qualify to postpone filing or paying taxes by July 15, 2020
No, anyone qualifies.
Which 2019 Tax Year IRS Forms can now be filed by July 15, 2020?
2019 Tax Forms: 1040, 1040-SR, 1040-NR, 1040-NR-EZ, 1040-PR, 1040-SS, 1041, 1041-N, 1041-QFT, 8960, 8991, 1120, 1120-C, 1120-F, 1120-FSC, 1120-H, 1120-L, 1120-ND, 1120-PC, 1120-POL, 1120-REIT, 1120-RIC, and 1120-SF.
1. Payment: July 15, 2020, 2. Payment: June 15, 2020, 3. Payment: September 15, 2020, 4. Payment: January 15, 2021 (If you file your 2020 Tax Return by February 1, 2021, you can pay by that date instead of Jan. 15, 2021).
What if I can't file by July 15, 2020?
What if I can't pay my Taxes by July 15, 2020?
What if I already filed my 2019 IRS Return, but have not paid my Taxes?
Pay by July 15, 2020
in order to to avoid interest and late payment penalties. On Form 1040 or Form 1040-SR, the tax payment amount is on line 23; on Form 1040-NR on line 75; on Form 1120 on line 35. Only after July 15, 2020 will you face late payment penalties
and interest charges on any amount remaining unpaid by that date.
What if I already filed my 2019 IRS Return and scheduled my IRS Tax payments to be paid by April 15, 2020, can I change to July 15, 2020?
1. Your scheduled April 15, 2020 IRS tax payment will not be automatically rescheduled to July 15.
2. If you scheduled a payment via an authorized electronic funds withdrawal, you may cancel or revoke your scheduled tax payment(s) by contacting the U.S. Treasury Financial Agent at: 888-353-4537. Note: You must call to make a payment cancellation or change request no later than 11:59 p.m. EST two business days prior to the scheduled payment date.
3. Credit card or debit card payments can be canceled by contacting your card processor to cancel the card payment.
4. Scheduled tax payments via the Electronic Federal Tax Payment System - EFTPS - sign into EFTPS and click on payments from the home page, then click cancel a tax payment - at least two business days before the scheduled payment date - from the left menu and follow the instructions.
5. For payments scheduled through IRS Direct Pay, use your confirmation number from the payment to access the look up a payment feature. Then you can modify or cancel a scheduled payment at least two business days before the scheduled payment date(s). The email notification you received when you scheduled the payment will contain the confirmation number.
Yes, payments due between April 1 and July 15, 2020 are suspended and the agreement will not default as a result; interest will continue to accrue on any unpaid installment balances.
Yes, from April 15, 2020 to July 15, 2020.
Yes, from April 15, 2020 to July 15, 2020.
In order to receive the EITC Credit, taxpayers have until July 15, 2020, to verify that they qualify for the Earned Income Tax Credit
or to verify their income. If not completed by July 15, 2020, taxpayers might no longer qualify for the EITC.
No, only deadlines regarding 2019 tax returns changed. Thus, 2016 Tax Year related deadlines have not changed.
Businesses or other entities with a May 15 or June 15 deadline, can they now file by July 15, 2020?
No, only if the deadline was originally on April 15, 2020.
Is Payroll or Excise Tax affected?
No, normal filing, payment, and deposit due dates have not changed.
Did the deadline for information returns change?
What will your Stimulus Check be? Use the COVIDucator
to find out.
1. If your 2018 or 2019 Tax Return Filing Status was/is Single
and your AGI or Adjusted Gross Income
was below $75,000: $1,200.
For every $100 in AGI above $75,000, the payment reduces by $5.00 up to a max. AGI of $99,000. You can not be a dependent
of another taxpayer's return. Americans with very low 2019 AGI or Adjusted Gross income are encouraged to file a 2019 tax return
to also take advantage of the refundable Earned Income Tax Credit
and Child Tax Credit
and the COVID-19 Recovery Rebate.
2. Married couples
with an AGI below $150,000 would receive $2,400
. After that, payments will reduce up to a maximum AGI of $198,000. You can not be a dependent of another taxpayer's return.
Married couples will also receive $500 per child under age 17.
3. The Head of Household filing status
or single parents with children with an AGI below $112,500: $1,200.
After that, payments will reduce up to a max. AGI of $136,500.
Head of Household will receive $500 per child under age 17.
Calculate your COVID-19 Stimulus Payment Amount
If your address has changed and it's different than what is on your latest IRS Tax Return Submit Form 8822 to the IRS. Start and Complete Form 8822 Now
. The Form 8822 will load into the Comoe PDF Editor and you can complete, sign and download the PDF form there. The mailing addresses are on page 2.
How do I know which child qualifies for this payment?
Generally, if your child qualified for the Child Tax Credit
you will qualify for the child recovery rebate payment. Plus, your child must be a dependent
on your tax return and be under the age of 17. Other dependents but children do not qualify for the COVID-19 stimulus payment.
How will I receive the Stimulus Money from the IRS or Government?
1. The IRS will send your money to the direct bank deposit account you entered on your 2019 Tax Return due by July 15, 2020
2. If you did not enter direct bank deposit information, the IRS will mail a check to you based on the address on your 2019 tax return.
3. If you had selected to pay your tax preparation fees via your tax refund e.g. e-Collect etc. As a result of that, your tax return would show the banks direct deposit information and not yours. Currently, the IRS and the banks are in communication to figure out the details. We will update this page as soon as we have the details.
4. A 2019 IRS Tax Return Extension
will not be sufficient nor will it count as a completed and IRS accepted 2019 Tax Return in regards to stimulus payment consideration or requirement.
5. If you have not yet filed a 2019 tax return, the IRS will look at the information on your 2018 tax return and either transfer to your bank account or mail a check to your address on the return.
What if the IRS does not have my latest direct deposit bank information on record?
By mid April 2020, the IRS together with the Dep.of Treasury will have a web site available where taxpayers can provide their direct banking information to receive the COVID-19 Stimulus electronically versus by check in the mail. We will publish the link to this site here as soon as it becomes available.
What if owe back taxes or past due debt to a federal or state agency? What if I owe past due child support payments will I get the recovery rebate?
Yes, nearly all administrative offsets will be turned off that generally might reduce IRS or state tax refunds for taxpayers with past tax debts, or who are behind on other payments to federal or state governments, including student loan payments. Exception: Past due child support payments that states have reported to the U.S. Treasury Department and IRS will be offset.
I am a college student, can I expect stimulus money?
Only if you are not considered a dependent of your parents on their 2018 or 2019 tax return. In general, if you are a full-time college student 24 or younger and your parent(s) provide more than half of your support you are considered a dependent.
By when can I expect the CARES ACT Money?
The Treasury set a goal of processing the first payments in the week of April 6, 2020. We do not know how realistic this is.
Who and how do I contact or ask questions about the Money?
We do not have a direct line for the recovery rebate or stimulus money payment, but you can call the IRS at: 1-800-829-1040
What if I have very little to no income or I am on means-tested federal benefits like Social Security Income, will I get this stimulus money?
Yes, since there is no qualifying or other income requirement. Even if your adjusted gross income or income is $0 you are eligible for the stimulus money. However, you can not be a dependent of another taxpayer's 2018 or 2019 tax return and have a work-eligible Social Security Number or SSN.
Will I have to apply or file A Tax Return to get the CARES ACT Stimulus Money?
Will I get taxed in 2021 on the the Stimulus money?
Generally, the your Stimulus Check CARES ACT money is not taxable and is treated like other refundable tax credits e.g. EITC
or child tax credit. In addition, if the tax credit amount you qualify based on 2020 AGI is less than what you qualify for based on your 2019 tax return, it does not have to be paid back. On the other hand, if a taxpayer's 2020 AGI is substantially higher than the 2018 or 2019 AGI, the taxpayer might have to pay back some or all of the money after April 15, 2021. This pay back might only apply to a very small number of taxpayers.
What if I only receive Social Security Income
and as a result have not filed in years? Or, I am a veteran with only veterans’ disability payment.
On April 2, 2020 the US Treasury announced that Social Security recipients who are not typically required to file a tax return and did not file in 2018 or 2019 do not to need take an action nor need to file a 2018 or 2019 tax return
, and will receive their payment directly to their bank account. The IRS will use the information from your Form SSA-1099 or Form RRB-1099 to generate the payment, which will either be directly deposited into your bank account or sent to you via check in the mail. This includes senior citizens, Social Security recipients or SSI incl. people on SSDI and railroad retirees who are not otherwise required to file a tax return. Since the IRS does not have dependent information for this group of recipients, each person would receive $1,200 per person, without the additional amount for any dependents at this time. More details on Social Security income and tax returns
Ask one of our Taxperts if you have further questions about COVID-19, Taxes and the Stimulus Check Money.