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Economic stimulus payment

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Level 7

Will my clients remember how much they received, or will they get a tax document (Notice 1444?). If spouse died in 2019, or a child was born in 2020, will that change the calculus?

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Highlighted
Level 13

"If spouse died in 2019"

The Pandemic is a 2020 issue.

Are you asking if they need to repay an amount sent based on the prior years' tax returns which won't apply to 2020 actuals?

https://www.aarp.org/money/taxes/info-2020/stimulus-check-in-deceased-name.html

https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-a-eip-eligibility

https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-i-returning-the-econom...

"or a child was born in 2020, will that change the calculus?"

The 1040 form will include the provision for the additional amount for this child, if that was not included in the stimulus payment and your client qualifies.

And they have until Saturday Night to file and include this info Now, of course. The deadline hasn't passed.

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"Level Up" is a gaming function, not a real life function.

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6 Replies 6
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Level 15

"Will my clients remember how much they received"

If yours do, I'm willing to swap clients with you because I know mine won't. 😥

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
Highlighted
Level 8

If I remember correctly, in the past when stimulus checks were issued IRS provided an online lookup option.  I would expect that will be available for the EIP checks.   

Highlighted
Level 15
Level 15

That Notice 1444 was sent out within a week or so of them getting the stimulus money...some clients may have saved them, most of them (like myself) tossed them straight in the recycle can.

Hoping for an online look-up tool!


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Highlighted
Level 15

According to the October report from the Federal Taxation Committee of the National Association of Accountants, the IRS has communicated to them that the "IRS is working on an Economic Impact Payment (EIP) online tool for next filing season –an update from the IRS on progress is expected in November."

I haven't seen anything about that in the media or update from the IRS yet but that tool should help both taxpayers and tax practitioners this coming tax season.

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Still an AllStar
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Level 15

Here's a link to that report: https://higherlogicdownload.s3.amazonaws.com/NSACCT/725010a8-142f-4092-8b5d-077c2618c728/UploadedIma...

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Still an AllStar
Highlighted
Level 13

"If spouse died in 2019"

The Pandemic is a 2020 issue.

Are you asking if they need to repay an amount sent based on the prior years' tax returns which won't apply to 2020 actuals?

https://www.aarp.org/money/taxes/info-2020/stimulus-check-in-deceased-name.html

https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-a-eip-eligibility

https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-i-returning-the-econom...

"or a child was born in 2020, will that change the calculus?"

The 1040 form will include the provision for the additional amount for this child, if that was not included in the stimulus payment and your client qualifies.

And they have until Saturday Night to file and include this info Now, of course. The deadline hasn't passed.

*******************************
"Level Up" is a gaming function, not a real life function.

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