Great Work Everybody - Latest & Breaking News, Politics, Entertainment News

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Wednesday, April 1, 2020

Great Work Everybody

     From your friends at the I.R.S.:
The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. ...
How will the IRS know where to send my payment? 
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. 
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed. 
The IRS does not have my direct deposit information. What can I do? 
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail. 
I am not typically required to file a tax return. Can I still receive my payment? 
Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax. 
How can I file the tax return needed to receive my economic impact payment? 
IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information. ...
     Of course, Social Security’s databases have the needed information for those receiving benefits but that would be too easy. Let’s make sure we harass poor elderly and suck people and prevent as many of them as possible from getting the payments.
     Also, who were the Democratic staffers involved with this negotiation? What were they thinking?

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