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Sunday, November 27, 2022

Stimulus Check: IRS Hints At More Money

The IRS has sent letters to Social Security beneficiaries who do not normally file a tax returns. If you received a letter, this means that you may be eligible for the stimulus check of $1320 instead of the $1200 that everyone else is getting.

These individuals received notification that they were eligible for the stimulus check and should file a 2020-21 tax return if they have not already done so.

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The IRS says that most people who receive this letter will owe taxes, but others will be eligible for a refund. If you have questions about how your letter affects your individual circumstances, contact an accountant or tax professional.

Stimulus Check: Are You Getting More Money? 

The tax season is over, but you can still expect a stimulus check if you were eligible for one of the three benefits that are being distributed by direct deposit.

If you’ve filed your taxes for the past five years, you should receive $1320 instead of the $1200 that everyone else is getting. That’s because those who have not been filing their taxes will be required to pay a 10% penalty on their stimulus check. For example, if your annual income was $50,000 during those years and didn’t file taxes, you will get an extra $120 as compensation for having not filed your taxes. In addition to this penalty fee, there are other exceptions that may affect how much money you get.

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If you’re disabled in any way (physically or mentally), have retired from work over 60 years old or are unemployed due to circumstances beyond your control such as illness or natural disaster; then these factors will also affect whether or not they qualify for additional funds on top of their regular amount received through tax refunds (1099-OID).

If you receive a letter, keep the letter and your Social Security card in a safe place. The IRS has announced that it will send out over $2 billion in stimulus payments to more than 15 million Social Security beneficiaries who do not normally file tax returns. If you are one of these people, then you should expect to receive $1320 from the government instead of the $1200 everyone else is getting as part of this program.

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