How the COVID-19 Stimulus Check Could Impact Your 2020 Taxes
Millions may be affected
Millions of Americans who are eligible for a coronavirus (COVID-19) stimulus payment started seeing the money deposited to their bank accounts this week. The Department of Treasury announced the majority of people would receive these funds within the next two weeks. The Internal Revenue Service (IRS) will use tax filings for 2019 or 2018 to determine who gets a payment and how much. But what happens to Americans who do not traditionally file their taxes?
The Treasury Department worked with the IRS to create a new tool, which allows people who normally don’t file their taxes to get a check. The tool provides a free option for people, including those with too little income, to file their taxes to receive stimulus payments.
“This tool works for all non-fillers,” Richard Winchester, law professor at Seton Hall University School of Law told Yahoo Finance. “That would include people receiving Social Security, retirement or disability benefits.”
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