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Economic Impact Payment

Here's what you need to do if you misplace your Economic Impact Payment prepaid card.

Did You Misplace Your Economic Impact Payment Prepaid Card? Here’s What to Do

The Internal Revenue Service (IRS) has processed over 159 million Economic Impact Payments (EIP) to help taxpayers affected by the coronavirus outbreak. About four million of those payments will be delivered by prepaid credit card. This feature can be very convenient for some people. But what happens if you misplace or accidentally destroy your EIP prepaid card? Read on to discover the answer.

Follow These Steps If You Misplace Your Prepaid EIP Card

If you receive your Economic Impact Payment by prepaid debit card and you misplace the card, or the card gets stolen, then follow these steps:

  • Log in online at EIPCard.com to prevent unauthorized transactions or ATM withdrawals while you look for your card.
  • If your card is permanently lost, it’s important to you call customer service at 1.800.240.8100. This way you can report your lost or stolen card immediately.
  • For cards with more than one name, only the primary cardholder (listed first on the card) must make the call.

Once you have reported your card, a replacement card will be ordered. The first replacement card is free, and a $7.50 fee will be applied for any subsequent replacements.

What Should I Do If I Accidentally Destroyed or Misplaced my Card?

On the other hand, if you accidentally destroyed or misplaced your card, call the same service number indicated above (1.800.240.8100) and select the “Lost/Stolen” option. The same replacement fees explained above will be applied, with the first replacement card being free of charge,

Remember that you cannot request the IRS to send your Economic Impact Payment by prepaid debit card. If you haven’t received your Economic Impact Payment yet, you can use the online tool Get My Payment of the IRS website to check the current status of your payment.

You can get more information about the Economic Impact Payment prepaid cards visiting www.eipcard.com. Or the official IRS website, which includes a section dedicated to Economic Impact Payments.

What Are Economic Impact Payments?

Economic Impact Payments are a measure  by the U.S. government to provide financial relief to taxpayers affected by the Coronavirus outbreak. Beneficiaries may receive up to $1,200 for individual taxpayers and $2,400 for couples filing jointly. Additionally, taxpayers may also receive an extra $500 for every qualifying child.

Get More Information About Economic Impact Payments

We have covered Economic Impact Payments extensively to keep you up to date about this important provision. Here are some past posts you may find useful:

Get Help From the Tax Experts at JT Tax Services

It’s important to know this and other relevant provisions to navigate the current circumstances. Our knowledgeable experts at JT Tax Services will help you so you can take advantage of all the relief initiatives you are eligible for.

This is particularly important because Tax Day is approaching. The deadline is July 15, so this is the right time to take steps to ensure that your taxes are filed and paid on time.

At JT Tax Services we have the experience, the knowledge and the drive to assist you. With our advice, you can file your taxes with the peace of mind that comes with knowing that you are limiting your liability while staying compliant with federal and state tax regulations.

We are located in Oxnard, California. Contact us by email, telephone or through our social media accounts on Facebook, Twitter and LinkedIn to learn more about our services.

Economic Impact Payments are not Social Security Benefits.

Remember: Economic Impact Payments Belong to the Recipient, not to Nursing Homes

The Internal Revenue Service (IRS) issued an alert reminding people that Economic Impact Payments (EIP) generally belong to the recipients, not to nursing homes or the organizations providing care for them.

Economic Impact Payments Are for the Recipients

The IRS  believes that some people may be taking advantage of retirees who receive an Economic Impact Payment, a government measure that offers financial relief to those affected by the coronavirus outbreak.

It’s important to underline that payments are for the recipients. This applies even if a nursing home or facility or provider receives the person’s payment either directly or indirectly by direct deposit or check.

Benefit recipients don’t have to turn over their EIP because the payments they are considered and advance refund for 2020 taxes.  They also do not count as income in determining eligibility for Medicaid and other federal programs

Economic Impact Payments Are Not Social Security Benefits

According to the Social Security Administration (SSA), a representative payee is only responsible for managing Social Security or SSI benefits, but an EIP is not included in that category. If the beneficiary wants to use the EIP independently, the payee should provide the EIP to the beneficiary.

If the SSA receives an allegation that the EIP was not used on behalf of the beneficiary, it may decide to investigate the matter. The SSA may also determine that the representative payee is no longer suitable and appoint a new representative payee.

The IRS has processed about 159 million Economic Impact Payments, totaling almost $267 billion. Beneficiaries may receive up to $1,200 for individual taxpayers and $2,400 for couples filing jointly. Additionally, taxpayers may also receive an extra $500 for every qualifying child.

Get Help From the Experts

The government’s response to the coronavirus outbreak is fluid. Therefore, it’s important to know this and other initiatives to navigate the current circumstances.

Our experts at JT Tax Services will help you take advantage of all the relief initiatives you are eligible for.

At JT Tax Services we have the experience, the knowledge and the drive to assist you. With our advice, you can file your taxes with peace of mind. You will rest easy knowing that you are limiting your liability while staying compliant with all regulations.

We are located in Oxnard, California. Contact us by email, telephone or through our social media accounts on Facebook, Twitter and LinkedIn to learn more about our services.

The Amount of Your Economic Impact Payment Is Incorrect? Here's what to do.

What to Do if the Amount of Your Economic Impact Payment Is Incorrect?

The Internal Revenue Service has processed about 159 million Economic Impact Payments (EIP), a stimulus geared to help taxpayers affected by the coronavirus outbreak.

However, some people are surprised to discover that the amount of their Economic Impact Payment is smaller than they expected. What to do in this situation?

Some Basic Information

It’s worth remembering that eligible taxpayers may get up to $1,200 for individuals, and up to $2,400 for those married filing jointly. Additionally, they may receive $500 for every qualifying child (you can use this chart to check how much you should receive).

As we have seen in a previous post, there are three basic reasons why your Economic Impact Payment may be smaller than expected:

  • You haven’t filed your return for 2019, so your Economic Impact Payment is based on past information.
  • The qualifying child is under 17 years of age (considering how old they are at the end of the year for the tax return on which the IRS bases the payment amount).
  • Your payment was offset by past-due child support payments.

What to Do if the Amount of Your Economic Impact Payment Is Incorrect?

The IRS is not able at this moment to correct or issue additional payments. If you believe the amount of your Economic Impact Payment is incorrect, your option is claiming the additional amount when you file your 2020 tax return.

Keep the Notice 1444, Your Economic Impact Payment, you will receive regarding your Economic Stimulus Payment with your records. This notice is mailed to your last known mail address a couple of weeks after your payment is issued. You can refer to this notice when you file your 2020 tax return. This way you’ll be able to claim additional credits if you qualify for them.

Get Expert Advice

It’s important to know this and other initiatives to navigate the current circumstances. Our knowledgeable experts at JT Tax Services will help you take advantage of all the relief initiatives you are eligible for.

At JT Tax Services we have the experience, the knowledge and the drive to assist you. With our advice, you can file your taxes with the peace of mind that comes with knowing that you are limiting your liability while staying compliant with federal and state tax regulations.

We are located in Oxnard, California. Contact us by email, telephone or through our social media accounts on Facebook, Twitter and LinkedIn to learn more about our services.

3 Reasons Why Your Economic Impact Payment May be Different Than Expected

Economic Impact Payments, the stimulus unrolled by the Internal Revenue Service (IRS), have been successful for the most part. However,  some taxpayers may get a different amount that they expected.

It’s worth remembering that under normal circumstances the amounts are allotted as follows:

  • Up to $1,200 for eligible individuals
  • Up to $2,400 for eligible married couples
  • Up to $500 for each qualifying child for eligible individuals

Read on to discover three factors that may affect your payment and reduce these amounts.

You Haven’t Filed Your 2019 Tax Return

The amount of your Economic Impact Payment is based on your most recent tax return. So, if you haven’t filed a return for 2019, your payment will be based on information from 2018. Alternatively, it’s also possible that the IRS has not finished processing your 2019 return yet.

The Qualifying Child is 17 or Older

In order to qualify for the additional $500, the qualifying child must be under the age of 17 at the end of the year for the tax return on which the IRS bases the payment. If a dependent is 17 or older (including other relatives and college students), they don’t qualify for this additional amount.

Your Payment Was Offset by Past-Due Child Support

This is the only offset that can affect the amount of your payment, since federal law allows creditors to garnish a payment once it’s deposited into a bank account.

What to Do

If you receive an Economic Impact Payment for an amount that is smaller than expected, you can claim the additional credits you qualify for when you file your tax return for 2020.

It’s important to stay up to date with and other initiatives to navigate the current circumstances. Our knowledgeable experts at JT Tax Services will help you so you can take advantage of all the relief initiatives you are eligible for.

At JT Tax Services we have the experience, the knowledge and the drive to assist you. With our advice, you can file your taxes with the peace of mind that comes with knowing that you are limiting your liability while staying compliant with federal and state tax regulations.

We are located in Oxnard, California. Contact us by email, telephone or through our social media accounts on Facebook, Twitter and LinkedIn to learn more about our services.

This Is Why You Get “Status Not Available” on Your Economic Impact Payment

The IRS is sending Economic Impact Payments to taxpayers impacted by the coronavirus outbreak. However, the process has not been completely smooth. When some people get online to verify the status of their payment, they get the message “Status Not Available.”

This message is displayed by the “Get My Payment” online tool of the IRS for several reasons, as you will see below.

You May Not Be Eligible for an Economic Impact Payment

If you are not eligible for an Economic Impact Payment, then you will get the “Status Not Available” message. Keep in mind that eligibility for Economic Impact Payments depends on your Adjusted Gross Income (AGI). You are eligible for an Economic Impact Payment if your AGI is up to:

  • $75,000 for individuals
  • $112,500 for head of household filers
  • $150,000 for married couples filing joint returns

If your AGI exceeds these limits, your are still eligible for a reduced Economic Impact Payment if your AGI is between:

  • $75,000 and $99,000 if your filing status was single or married filing separately
  • 112,500 and $136,500 for head of household
  • $150,000 and $198,000 if your filing status was married filing jointly

Users Who File a Tax Return

If you are eligible and filed tax returns, but still get the “Status Not Available” message, then the IRS hasn’t finished processing your 2019 tax return. It’s also possible that the online application doesn’t have your data for other reason, but that may be solved soon because the IRS updates information on the website every day.

Remember that the information on the online tool is updated once a day, usually overnight. Therefore, the IRS encourages users to check the status of their payment only once every 24 hours to avoid excessive traffic on the website and allow other people to check their payments as well.

Users Who Don’t Usually File a Tax Return

If you receive SSI or VA benefits, you get the “Status Not Available Message” because your information hasn’t been loaded yet onto the system. On the other hand, if you used the Non-Filers: Enter Payment Info Here feature on the IRS website to provide your information, then your entry hasn’t been processed yet.

It’s important to learn more about this and other initiatives to navigate the current, unprecedented circumstances. Our knowledgeable experts at JT Tax Services will help you so you can take advantage of all the relief initiatives you are eligible for.

At JT Tax Services we have the experience, the knowledge and the drive to assist you. With our advice, you can file your taxes with the peace of mind that comes with knowing that you are limiting your liability while staying compliant with federal and state tax regulations.

We are located in Oxnard, California. Contact us by email, telephone or through our social media accounts on Facebook, Twitter and LinkedIn to learn more about our services.

Now You Can Check Your Economic Impact Payment Online

The first round of Economic Impact Payments is about to be sent to taxpayers, who now have an online tool available to track the status of their stimulus.

The Internal Revenue Service (IRS) has unveiled the website Check My Payment to allow taxpayers to check their Economic Impact Payment or communicate their direct deposit information to the IRS, in case the agency doesn’t have it.

The IRS sends Economic Impact Payments using information included in past tax filings. However, if you haven’t filed your taxes for 2019 or 2018, you can use this website to communicate your direct deposit information. In addition, you can use it if you belong to a category that doesn’t require you to file taxes.

It’s advisable to use the Check My Payment website only once a day. This way you will avoid excessive traffic so other users can track their payment as well.

What Are Economic Impact Payments?

Economic Impact Payments are a provision rolled out by the IRS and the Treasury Department. Above all, the aim is to offer financial relief to taxpayers affected by the coronavirus outbreak.

If you qualify for an Economic Impact Payment these are the amounts you could receive.

  • Up to $1,200 for eligible individuals
  • Up to $2,400 for eligible married couples
  • Up to $500 for each qualifying child for eligible individuals

Taxpayers qualify to Economic Impact Payments based upon their Adjusted Gross Income, as follows:

  • Up to $75,000 for individuals
  • Up to $112,500 for head of household filers and
  • Up to $150,000 for married couples filing joint returns

The government’s response to COVID-19 is fluid. Therefore, the relief initiatives in force may change to better adjust them to future circumstances. Check constantly this blog and the IRS’ website to stay up-to-date as the situation evolves.

It’s important to know this and other initiatives to navigate the current circumstances. Our knowledgeable experts at JT Tax Services will help you so you can take advantage of all the relief initiatives you are eligible for.

At JT Tax Services we have the experience, the knowledge and the drive to assist you. With our advice, you can file your taxes with the peace of mind that comes with knowing that you are limiting your liability while staying compliant with federal and state tax regulations.

We are located in Oxnard, California. Contact us by email, telephone or through our social media accounts on Facebook, Twitter and LinkedIn to learn more about our services.

 

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