Filing for Stimulus

Filing for Stimulus

30+ Years of Combined Experience | AFSP-Certified | NSTP/ NATP Affiliated

From the US Treasury Press Release:
Social Security Recipients Will Automatically Receive Economic Impact Payments

April 1, 2020
WASHINGTON – The U.S. Department of the Treasury and the Internal Revenue Service today announced that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts.

“We want to ensure that our senior citizens, individuals with disabilities, and low-income Americans receive Economic Impact Payments quickly and without undue burden,” said Secretary Steven T. Mnuchin. “Social Security recipients who are not typically required to file a tax return need to take no action, and will receive their payment directly to their bank account.”

The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits. 

As stimulus checks begin to be received around the country, we know that there is going to be a lot of questions regarding eligibility, how funds are received, 
and what documentation the IRS is requiring prior to releasing a stimulus check with your name on it.

As of this moment (the rate at which the IRS is coming out with new/altered information is staggering) in order to receive a stimulus check, you must have filed either a 2019 or 2018 tax return. If you have not filed, The Tax Wizard can and will submit information on your behalf to ensure you will receive a stimulus check, if eligible. Please give us a call if you have not received a stimulus check and have not filed either 2018 or 2019 tax returns.

In addition to the stimulus check, tax refunds are also being received as the IRS processes your regular tax return. Unfortunately, some of our clients which received a VISA Card to access their tax refunds are not seeing funds available. We are currently in the process of initiating an IRS inquiry to determine where the disconnect is happening in between the tax refund being released and the client able to access those funds.

We will continue to monitor messages from the IRS and will pursue the issue with the VISA Cards until it is rectified. As updated information becomes available to us, 
it will become available to you.

As always, if you have any questions - feel free to give us a call or message us on Facebook. Y'all stay safe out there!

So for our Hours of Operation if we could just please put contact us. We are trying to keep up with Covid-19 and don't want to keep changing it. 

Thank you so much, 
Lisa Moreno, Admin Assistant/Tax Preparer
The TaxWizard Inc
512-504-3389
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