Getting Your Stimulus Payment through your 2020 Tax Return

The Stimulus Payment is one of the biggest relief that is coming to the citizens of the USA from the government as the COVID 19 has played HAVOC with people’s financial well-being and employment. Under these circumstances, there are many people who are waiting for their stimulus payment to alleviate the many financial challenges that await them. Most of the taxpayers have already received some installments of the stimulus payment as approved by the government and are waiting for their next installment. Under these circumstances, it is imperative for everyone to be well aware of how will they get the stimulus payment in their accounts.

Modes of Stimulus Payment

The IRS stimulus payment is mostly received by a cheque, however, there are many people who might also get it as a direct debit to their bank account. The payment is made by the US treasury however the amount that you are eligible to receive has been decided by the IRS beforehand. If you are wondering what determines your stimulus payment amount, here are some of the factors that can affect the eligibility calculation. The payment of $600 is allocated to singles having an income of $75,000 and less and the same amount is allocated for couples making less than $150,000 combined. For each dependent child in the household, an additional $600 is paid off to the household. This money is not paid altogether but in smaller installments.

Checking the Status

The citizens can go to the website of IRS for checking their Stimulus Payment status. The tool is called “Get My Payment” and it will update your payment status once you have provided the information that is required. If as a result of the above step, you receive the message “Payment Status #2 — Not Available” then you will not be getting any cheque or direct debit payment of your Stimulus Payment amount. In case of this message, the person has to claim the Stimulus Payment amount as a Recovery Rebate Credit while filing their 2020 tax returns. The people who were expecting the amount to be paid to them in form of a cheque or direct debit have to wait till their tax return has been filed automatically to claim this amount.

Need of a Tax Attorney

Although it is possible for you to hurry up and file your tax return at the earliest to get the Stimulus Payment, it is recommended to get it done by a tax expert. The reason for this is to ensure that your tax return passes successfully the scrutiny of the IRS and that you do not miss out on the amount due to an error. With a qualified tax attorney such as National Tax Attorney, you can also ensure that you are filing the accurate tax amount so that you are not left with any back taxes. Contact the National Tax Attorney today by heading to their website and ensure that your financial well-being is not compromised due to a tax debt situation and actions by the IRS. They can also advise you regarding the status of your Stimulus Payment and how to go about claiming it.