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US Global Tax Explain IRS Economic Impact Payments

Friday 22 May 2020, 7:46PM
By Beckie Wright
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In line with both New Zealand and Australia, the US government/IRS has issued the directions of their Economic Impact Payments as follows: 

“SSI and Veterans Affairs Benefit Recipients with Dependents: Register by May 5   

Register by May 5 if you receive SSI or VA benefits, have qualifying children under the age of 17 and didn’t file a tax return in 2018 or 2019.  Use the Non-Filers: Enter Payment Info Here tool to register to have $500 per child added to the $1,200 Economic Impact Payment you'll receive this year. 

“The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees. 

“See if you are eligible for an Economic Impact Payment. 

If you are eligible, use our guide to figure out which IRS tool you should use to get your payment. 

“Filers: Get Your Payment 

Use the "Get My Payment" application to: 

Check your payment status 

Confirm your payment type: direct deposit or by mail? 

Enter your bank account information for direct deposit if: 

We don't have your direct deposit information and 

We haven't scheduled your payment yet 

“Non-Filers: Enter Your Payment Info Here 

Use the "Non-Filers: Enter Payment Info Here" application if: 

You are not required to file federal income tax returns for 2018 and 2019 for any reason including: 

Your income is less than $12,200 

You’re married filing jointly and together your income is less than $24,400 

You have no income 

You have qualifying children under age 17 and you receive SSI or VA benefits (you must enter your info by May 5) 

Do not use this tool if you are required to file a 2018 or 2019 tax return; you should file as you normally would.” 

For more information on non-US citizen tax returns, Fbar Fincen 114 and taxes for expats please go to https://usglobaltax.com/pages/paying-the-irs