(Updated: April 20, 2020) Last month, I wrote a primer on stimulus checks, and I’ve been updating it as I field your questions: thanks for asking! I thought it might be helpful to tackle some of the most commonly asked questions in a separate article. Here’s what you’ve been asking – along with my answers – regarding…
Whenever my kids want to know when I’m going to do something, I often answer, “Two minutes.” We both know it’s a lie, but if I have no real idea how long it will take, and they want an answer, any response keeps everybody happy. I suspect that we’re getting to that same place from…
(Update: Treasury and IRS changed course and will not require returns.) Each year, about 64 million people collect Social Security benefits: about one family in four receives some kind of Social Security benefits. Of those, nearly 45 million are retired workers who receive, on average, $1,471 per month; another 3 million individuals receive benefits as spouses or children of…
Ugh. The ink is barely dry on the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act” – and scammers are already coming up with schemes to defraud taxpayers. Specifically, identity thieves are using confusion over the stimulus checks to convince potential victims to turn over personally-identifying information. The Better Business Bureau is already reporting that government imposters are calling…
COVID-19 continues to impact the United States, the federal government is taking action to ease the burden on taxpayers. Most recently, Congress passed a massive stimulus package. A key feature of the stimulus is individual checks. You can read my rundown on the basics of the stimulus checks here – along with answers to popular questions. I’ve been updating…
As COVID-19 continues to impact the United States, the federal government is taking action to ease the burden on taxpayers. Most recently, the Senate passed a massive stimulus package (the House voted yes, too) and the CARES Act was signed into law. A key feature of the stimulus is individual checks. As with anything tax-related, there’s a little bit…
Prepare to keep waiting. A flurry of dismal news including a somber May jobs report and a less than encouraging report from Federal Reserve Chairman Ben Bernanke sent stocks and spirits lower midweek. Traditionally, that combination of factors leads to talk of a federal stimulus to give the economy a bit of a shot in…
Taxpayer asks: I heard that I can get more money back from my taxes this year because I am disabled. Is this true? I am on fixed income and it would help me. Taxgirl says: I think what you’re referring to is the one time payment for retirees and disabled persons as part of Obama’s…
Update: We have a winner! It’s Travis! For the answer, see the comments! Our next tax trivia question for the giveaway is: In 2008, the IRS began releasing rebate checks as part of President Bush’s stimulus package. The original version of the stimulus capped the number of children who could be claimed for purposes of…
Taxpayer asks: I haven’t done my taxes in 3 years, I don’t owe the Feds any$, will I get the stimulus funds every1 else got once I do my taxes?(via twitter) Taxgirl says: By law, the IRS is not able to make any economic stimulus payments after December 31, 2008. But all is not lost….