Every day brings new information, updates and of course, questions and hiccups. Here are some updates:
- If and when you receive your stimulus (Economic Impact Payment), please be sure to document the amount you received and when it was received and keep it with your tax information. You will need this for your 2020 tax preparation and filing.
- Any questions or issues regarding your stimulus check, the IRS has a comprehensive FAQ page, which you can visit here.
- Stimulus checks have been mailed to or deposited into deceased taxpayer’s accounts. If such a payment has been received, the money needs to be returned to the IRS.
- If a check was received, write “VOID” and return it to the IRS with a note explaining why it is being returned.
- If the money was received via direct deposit, you can send a personal check or money order and it should be made payable to “U.S. Treasury.” Write 2020EIP on the check or money order and include the taxpayer identification number (Social Security number or individual taxpayer identification number) of the recipient of the check. Also include a brief explanation for why you’re returning the money.
- If you are the surviving spouse of the recipient, you only need to return the portion of the money that was the deceased’s portion.
- Governor Ned Lamont announced that Summer, a social enterprise that assists student loan borrowers, is providing Connecticut residents financially impacted by the COVID-19 crisis with free assistance managing their student loans.
- The supplemental unemployment benefit of $600/week (FPUC), which is in addition to the standard unemployment benefit, will be paid weekly until the week of July 25th, 2020. At that time, one’s weekly unemployment benefit will be only the standard benefit as calculated by individual’s earnings.
- If you are self-employed and are pursuing the Pandemic Unemployment Assistance (PUA), you will need to have your Schedule C (and 1099s) from your tax return in order to provide numbers to the Department of Labor. The system just started this week; click here to visit the site.
Thanks for hanging in there with us as we gather the information that seems to change hourly. We’re watching IRS/DRS alerts like a cat chasing a laser light and lobbing it out to you like one of the Williams’ sisters.