Happy New Year! The IRS has begun the task of delivering the second round of Economic Impact Payments.
See the full story here: IRS TO SEND 2nd ROUND
HERE is the quick version of the details:
- Money will begin showing up in bank accounts as early as December 29th.
- The second round of payments are similar, but different from the first round. This time around the magic number is $600.
- $600 per individual, Twice that, $1,200 for a married couple and $600 for each QUALIFYING CHILD. For this last group, read between the lines and understand that this mean “dependents who are 16 and younger”.
- Payments are automatic based on 2019 tax filings or other government information.
- Income threshold is now based on adjusted gross income of $75k for singles, and $150K for married folks.
Want specific details about your money? The IRS has a tool for that. Click here: GET MY PAYMENT TOOL
Want in-depth details about this government money? Yep, the internet is full of information, click here: 2nd Round Stimulus
Jeff Roltgen, Tax Rescue CPA
Jeff@TaxRescueCPA.com
www.TaxRescueCPA.com
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