Stimulus Q & A (July 2020)

Tax Tips

Stimulus Payments Q & A

By Michael Aston, E.A.
Alhambra Tax Center

Below are a few questions and answers about the stimulus program.

Q. Why have I not received my payment?

A. There can be many reasons, but a few are….

§ Based on your 2018 or 2019 income you became ineligible. A single person will cap out a $99k. And a married family of four (with two dependents under 17) would cap at $218k.

§ You did not file a tax return for the year 2018 or 2019.

§ If you owe past-due child support…you will not receive the stimulus.

§ Or, it could have been lost in the mail.

Q. Do I have to pay taxes on my stimulus payment?

A. No, you do not pay taxes on the stimulus payment.

Q. I would have been eligible based on my 2018 income…but not on my 2019 income. Is there a way of taking back the 2019 tax return?

A. No, you cannot take back your 2019 filing to get the stimulus payment.

Q. Why did I not get the $500 for my dependent, who was 17 in the year 2019?

A. The $500 dependent stimulus -- is for dependents under the age of 17 (as of 12/31/2019).

Q. A popular member of Congress recently told college students to file on their own tax return to get the $1200 stimulus. As a college student, how do I do this?

A. Unfortunately, this member of Congress did not understand the rules. Most college students under the age of 24 will not be able to receive the stimulus because they’re claimed as a dependent on their Parent’s tax return – or are eligible to be claimed as a dependent on their Parent’s tax return.

If you have stimulus questions…please do not hesitate to email me at michael@alhambrataxcenter.com. You can also find information at www.irs.gov or speak to your tax preparer.

2019 TAX DEADLINE IS JULY 15 2020.

1009 E Main St
Alhambra, CA 91801

p. 626-282-1084
f. 626-282-1940