Connect with us

Company

I became ill and haven’t worked or filed taxes since 2016, so I got no stimulus check this year. When will I get one?

Published

on


Dear Moneyist,

I’m in a long-term, live-in partnership. I became ill and haven’t been employed since 2016. My partner has been financially supporting me 100%. He claimed me as a dependent for the last couple of years, including 2018.

We read that I could receive one of the first $1,200 COVID-19 relief checks that were first sent out last April if I filed a $0 income tax return for 2019. I filed a paper return with my bank-account information and, of course, my mailing address.

I’m still waiting.

What is my best chance of getting anything out of these relief payments, either a past stimulus check or a future one? If I could afford a new computer, I now feel well enough to work from home. Do you think I’ve taken the right approach to apply for a stimulus check, even though I’m not working now?

LuAnn

Also see: Trump goes golfing as stimulus, defense spending bills left in the lurch

Dear LuAnn,

The economic impact payment is effectively an advance payment of a tax credit on your 2020 return. However, if you did not file a tax return before Oct. 15, you will likely have to wait until 2021 for your stimulus check or checks.

The IRS is using 2019 tax returns to gauge people’s incomes; 2018 tax returns are used as a Plan B, so if you have filed a return for 2019. With that in mind, you should receive a stimulus check of $600, assuming that President Trump green lights this latest stimulus proposal or President-elect Joe Biden signs a second stimulus package in January after he takes office.

If your husband has claimed you as a dependent for 2018 and you file 2019 tax form with zero income, you may receive the first stimulus check of $1,200 (again, in 2021), but your husband’s 2019 return would be adjusted accordingly. The Internal Revenue Service says telephone assistance is “extremely limited” at this time, but you can find out more information here.

The Moneyist:My boyfriend’s ex-wife claimed her 2 sons as dependents on her taxes, and received their stimulus checks, but they live with us


President Trump has come out against the new coronavirus relief bill, and so far has refused to sign it.

Prior to the coronavirus pandemic, low-income Americans had access to free in-person tax prep assistance from Volunteer Income Tax Assistance and Tax Counseling for the Elderly, both of which are federally funded programs. However, many of the offices for those programs have closed or are operating with limited capabilities due to the COVID-19 pandemic.

So far, the IRS has distributed checks to more than 160 million Americans as part of the $2 trillion CARES Act stimulus package. The payments amount to $1,200 for individuals who earn up to $75,000. Married couples earning under $150,000 received $2,400. The program was structured as a tax refund, so the IRS needs people to file a tax return.

Unlike the majority of Americans who received their stimulus checks automatically, an estimated 9 million Americans who have yet to receive their stimulus checks are mostly earning under $12,000 a year, and typically don’t file federal income tax returns. Millions of other Americans are in your position, and I salute you for overcoming your healthy challenges to work from home next year. Some economists believe there will be opportunities for 15% of all jobs to have remote abilities.

The Moneyist: I earned $100,000 in 2019, but far less in 2020. Why did I not get a stimulus check? How is that fair?

You can email The Moneyist with any financial and ethical questions related to coronavirus at qfottrell@marketwatch.com

Want to read more?Follow Quentin Fottrell on Twitterand read more of his columns here

Would you like to sign up to an email alert when a new Moneyist column has been published? If so, click on this link.

Hello there, MarketWatchers. Check out the Moneyist private Facebook
FB,
-0.26%

 group where we look for answers to life’s thorniest money issues. Readers write in to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.





Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Company

These money and investing tips are timed for a bull market that looks short on time

Published

on

By


Don’t miss these top money and investing features:

These money and investing stories, popular with MarketWatch readers over the past week, can help you prepare your portfolio as stock buyers become more skittish and financial markets grapple with a less-friendly Federal Reserve — which savvy investors know not to fight.

Sign up here to get MarketWatch’s best mutual funds and ETF stories emailed to you weekly!

INVESTING NEWS & TRENDS
Odds favor the Dow being higher at the end of 2021 and 125 years of history supports this

Second half of the year tends to be strong for U.S. stocks.
Odds favor the Dow being higher at the end of 2021 and 125 years of history supports this

Why a crash in meme stocks AMC and GameStop looks more likely now

Heavy insider selling is a warning sign that a stock’s price is inflated.
Why a crash in meme stocks AMC and GameStop looks more likely now

What lumber and gold prices tell us about the stock market’s next move

Commodities have an effect on stocks but the one to watch is platinum.
What lumber and gold prices tell us about the stock market’s next move

5 smart ways to shift your investments as the Fed gets ready for a big move

Be careful with meme stocks and bitcoin.
5 smart ways to shift your investments as the Fed gets ready for a big move

The real culprit for the selloff in the stock market? It wasn’t the Fed

The Federal Reserve was just the spark; the tinder was the excessive bullishness of market-timing traders
The real culprit for the selloff in the stock market? It wasn’t the Fed

Buybacks may prop stock market rattled after Fed meeting

‘It’s a way to look like they’re earning more than they actually are,’ says one analyst about companies doing buybacks.
Buybacks may prop stock market rattled after Fed meeting

Buy these 6 types of stocks next as Big Tech falters and inflation falls, says Swiss bank UBS

The group at the Swiss bank identifies two major trends ahead.
Buy these 6 types of stocks next as Big Tech falters and inflation falls, says Swiss bank UBS

To Roth or not to Roth? Part II

Further discussion of research that challenges the conventional wisdom.
To Roth or not to Roth? Part II

If the SEC OKs bitcoin ETFs, it would be encouraging the most obvious speculative bubble in modern times

Crypto doesn’t belong in your IRA or 401(k).
If the SEC OKs bitcoin ETFs, it would be encouraging the most obvious speculative bubble in modern times

The road to regulating crypto

SEC Commissioner Hester Peirce on how the U.S. government can effectively approach regulating bitcoin and other cryptocurrencies. The views expressed by Peirce are her own views, not necessarily those of the SEC or her fellow commissioners.
The road to regulating crypto

What are the Dow, S&P 500, and Nasdaq? | How to Invest

The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite are indexes that measure the performance of the stock market. Here’s how each is used and what insights they provide for investors.
What are the Dow, S&P 500, and Nasdaq? | How to Invest

Why women investors are like Warren Buffett

Rupal Bhansali, chief investment officer of Ariel Investments, explains at the WSJ Women In Series why women investors trade more conservatively and how that is a good thing.
Why women investors are like Warren Buffett



Source link

Continue Reading

Company

These money and investing tips can help you with stock and bond strategies to whip inflation

Published

on

By


Don’t miss these top money and investing features:

These money and investing stories, popular with MarketWatch readers over the past week, can help you prepare your portfolio for a period of higher inflation — transitory or not.

Sign up here to get MarketWatch’s best mutual funds and ETF stories emailed to you weekly!



Source link

Continue Reading

Company

These money and investing tips can shine some light through the stock market’s ‘June gloom’

Published

on

By


Don’t miss these top money and investing features:

These money and investing stories, popular with MarketWatch readers over the past week, can help your decision-making if the market outlook becomes cloudier and momentum starts to fade — even as the outlook for the post-pandemic economy gets clearer.

Sign up here to get MarketWatch’s best mutual funds and ETF stories emailed to you weekly!



Source link

Continue Reading

Trending