As we head into the third week of social distancing, many of you have lost income and are understandably concerned about your cash flow and ability to meet expenses. This newsletter has information on how to best expedite your Unemployment Insurance filing as well as information about the IRS Economic Impact Payments.
If you are filing for Unemployment Insurance or have filed, please watch this brief video for some important tips.
Claim Processing
When you file, select TEMPORARY SHUTDOWN as the reason for separation from employment. This should help speed up the process. Follow the tutorial here in order to assure accuracy and a more timely reply.
Correspondence After Filing
Depending on when you filed, you may have received an email with the subject: "Critical Information from Department of Labor - PLEASE READ!"It is important that you look at this email. It is NOT spam and the information it contains may help expedite your claim. Once you have filed, please check your e-mail, including your junk folders, daily.
Many people have raised great questions about the checks from the government. Below are a few of the top questions you are asking, but check for more answers in the IRS FAQs here.
Who is eligible for the economic impact payment?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automaticallyreceive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child. If you have not filed a 2019 return, your 2018 return will be used to determine benefit levels.
How will the IRS know where to send my payment?
Earlier today on a briefing call with the White House, Treasury officials shared that beginning April 15th, 60 million filers will receive payment through direct deposit. The second round of payments to those who do not provide bank routing information to the IRS are expected to go out three weeks later. If you would like to provide the IRS with your bank routing information, you will eligible to receive a check in the earlier round. According to Treasury officials, the IRS is still working to create a portal for filers to provide this information. Social Security recipients will receive their funds in the same manner they receive benefits.
Nonfilers may need to file a “simple tax return” with their direct deposit information if they want to receive their rebates quickly. This will also be available via the IRS portal.
The IRS will share more information about the simple tax return soonhere. These economic impact payments will be available throughout the rest of 2020.
Please don’t hesitate to reach out to me directly, and look for other tips and information on my Facebook page.
