I've already fielded enough questions about this stimulus to realize that y'all need some help. PS... quit listening to your neighbor! Lol!
I'll throw a few stimulus facts out here:
-The IRS is supposed to issue a form 1444 to everyone showing the amounts received in stimulus payments. As of 1/29/21 I haven't seen one yet...but they're supposed to be coming, maybe?!
-Stimulus payments are NOT taxed as income, but they do need to be reconciled on your tax return.
-Even though you received the actual payment in 2021, it is claimed on your 2020 taxes.
-Before you come to get your taxes done you must have either;
1) Gotten BOTH stimulus checks, cards, deposits, etc... OR
2) Gone to the IRS website- https://www.irs.gov/coronavirus/get-my-payment
a) If this site says that your check has been mailed
i) Wait for the check
1) If you have moved
i) Wait for the check, OR
ii) start the check tracing procedure at the bottom of this page
b) If this site says that you are not eligible or they have no further information
i) We can recover any stimulus payments due to you on your 2020 tax return
-If you want to fraudulently claim that you didn't receive your stimulus payments when you actually did, DON'T! The IRS is already backed up as is, doing this is just furthering that cluster. The IRS has stimulus information on their database and any conflicts are going to require attention. You are going to make the processing of your return slow to a snail's pace, if you're lucky, and you really backlog the people who truly NEED help. I promise there are better ways to get one over on your government!
Guys, buckle up, this is going to be a rough tax season. Even if I'm not your preparer, be nice! New regulations were passed in late December. Not only do those have to go through the bureaucracy before the IRS, but then they have to go through the IRS, and then we have to learn the information. Everyone is learning on the fly this season, including the IRS, so nothing is going to go quickly.
Just crossing my fingers that tax season ends in April!
I'm here to help if you need it, just shoot me an email or give me a call- firstname.lastname@example.org or 325-703-2112.
Looking forward to an exciting #taxseason2021!!