$1200 Stimulus
Kevin Comer here, sharing concise legal and economic updates regarding Covid 19. The stimulus bill passed in Washington last week gives most adults $1200, but there are some key details. The New York Times lays it out nicely, noting parents with kids under 16 get an extra $500.
College students don’t get anything if they are claimed as a dependent on their parents’ tax returns, which is commonly done. Normally, you have to file 2018 or 2019 taxes to get part of this Stimulus. If you are on social security, though, you don’t have to file taxes.
If the IRS already has your bank records from 2018 or 2019 taxes, they will automatically transfer the money. If you didn’t file taxes those years you likely won’t get the money, so you should definitely file your taxes now to get some of the Stimulus cash.
But for most of you, as long as you have been filing your taxes, you’ll get the check. If you have any other questions, give me a call at 727-729-2719.