Who Is Eligible For Coronavirus Federal Stimulus Funds: U.S. Taxpayers Domestic and Expats

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Senate passed a large 2 trillion dollar stimulus bill. The package has not yet passed Congress to become law. Parts of the bill may still change. Part of the stimulus includes payments to US Taxpayers.

Who is eligible?

  • US Residents with social security numbers.
  • U.S. Expats.

How much will U.S. Taxpayers receive?

  • $1,200 per adult & $500 per child under the age of 17.
  • If you earned less than $75K for Single, you receive the full amount.
  • For married couples filing together it is doubled to $150K
  • The amount is reduced by $5 for every $100 exceeding $75K for Single.
  • Above the income limit as per below you receive 0.

Filling Status Income Threshold Limit

  • Single Less than $75,000 $99,000
  • Married Filing Jointly (MFJ) Less than $150,000 $198,000
  • Head of Household (HOH) Less than $112,500 $146,500

What if my 2020 income will be substantially less than 2019?

The government will use 2019 tax return income to calculate payments and 2018 tax return income if 2019 is not yet available. If your 2020 income increases and you had received a smaller amount than the one you received, you will not have to pay it back.

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Who is not eligible?

  • Anyone without a social security number.
  • Non-Resident Aliens.
  • Households do not receive money for adult dependents, such as elderly relatives or adult children with disabilities.

How do I apply for?

No need. The payments will be automatic for those who qualify. No need to call the IRS. See the special website the IRS created: https://www.irs.gov/coronavirus

Will the stimulus money be taxable?

No. The stimulus money is not considered income.

How will I receive the credit?

If you have received a tax refund via direct deposit, the IRS will deposit to your bank account. If you did not receive a refund the IRS will send you a check to last known address. The quickest way to get this information would be to file your 2019 return soon to update your information.

When will I receive the money?

It is expected 3 weeks if the IRS sends direct deposits. Paper checks will inevitably take longer and even more for U.S. Expats.

 

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Readers should note that this article is only intended to convey general information on these issues and that FAS CPA & Consultants (FAS) in no way intends for the contents of this article to be construed as accounting, business, financial, investment, legal, tax, or other professional advice or services.  This article cannot serve as a substitute for such professional services or advice.  Any decision or action that may affect the reader’s business should not rely solely on the contents of this article, but should rather be consulted on with a qualified professional adviser. FAS shall not be responsible for any loss sustained by any person who relies on this presentation.  This article is subject to change at any time and for any reason.

We look forward to helping you get the most benefit from these tax law changes. Please contact us for more information, in FAS CPA & Consultants are ready to assist you with all of your offshore tax matters. You can call us or email at support@fascpaconsultants.com and request a free consultation that will answer your most pressing tax questions.

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Fulton Abraham Sanchez, CPA

Fulton Abraham Sánchez, CPA I am Certified Public Accountant, specialized in Tax Planning & Offshore Strategies for Real Estate, Hedge/Equity Funds, Fintech, Crypto, Expats, IRS Debt Resolution. You can email me fa@fascpaconsultants.com and follow us on Facebook : FAS CPA & Consultants.

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