Updated 4-1-2020

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CARES Act

Key provisions for our clients and friends

 

Recovery Rebates for Individuals: Stimulus Payments

 

Summary:

The CARES Act provides immediate relief to all eligible individuals with almost no action required to be taken by most individuals. Economic impact payments are scheduled to begin distribution within three weeks, with most individuals receiving a direct deposit.

 

Who is eligible?

Individuals that have filed a tax return in 2018 or 2019 are eligible to receive funds. If an individual did not file a tax return for 2018 or 2019, they should file one as soon as possible for 2019 in order to obtain a stimulus check. If you do not receive a stimulus check because you have not filed your 2018 or 2019 income tax return and are not able to complete your tax return quickly, you are able to receive this payment through December 31, 2020 based on your 2019 filing.

 

How much money am I eligible to receive?

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Do I need to do anything to receive this payment?

No, 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. The calculation will be based on 2019 tax returns if already filed or 2018 tax returns.

 

Where will the payment be sent?

The IRS will deposit the payment directly into the same bank account used on your most recent tax return. If you have not received a direct deposit refund based on your 2018 or 2019 filing, a web-based portal will be made available in the coming weeks for you to input banking information. If an individual does not take advantage of the portal, a check will be sent by mail but will be delayed.  If you have changed addresses since filing your most recent tax return, you should file a Form 8822 to update the IRS records as soon as possible.

 

It is important to note that a lot of information surrounding these payments is still in the developmental stages. As it stands, individuals will receive one payment in the next 30 days. We at TJ Advisors are committed to bringing you the most reliable and relevant information. We will continuously monitor and update all information in order to help our clients through this difficult time. We are here for you, contact us today at wecare@tjallc.com or 972-629-9164.

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