- If you are one of the many people who have mailed your 2019 tax return months ago and still have not received your Stimulus Payment or refund, your paper return probably is one of the 7 million returns that were still waiting to be processed as of December 25, 2020. Please refer to the New York Times article by clicking below.
- Due to this huge backlog, the IRS is postponing the start of the 2020 tax filing season until February 12. They are hoping to clear a good part of the backlog by that date.
- To those who are still waiting for their 2019 Stimulus Payment or refund, I suggest filing their 2020 tax return after February 12 to make sure they receive whatever is due to them. The tax return will have a box that one can tick to alert the IRS that the Stimulus Payment still has not been received. This year, all tax returns will be sent via e-file to eliminate the possibility of the paper return getting lost and mail delivery delays.
- The good news is that everyone will be getting another $600 (the approved second Stimulus Payment), and hopefully another $1400 (the third Stimulus Payment) if it is approved, on top of the first $1200 Stimulus Payment that was approved last March. So, as of now, anyone with a valid U.S. Social Security Number is entitled to $1800 (about €1500), with the possibility of that amount being increased to $3200 (about €2650) if the third Stimulus Payment is approved. But remember, you have to file your U.S. tax return in order to be eligible for the Stimulus Payment. I also suggest filing the 2020 tax return even if you have already received your Stimulus Payment so that you will be eligible for any future incentives that may be offered.
- Please refer to older blog posts for more information and links. Feel free to contact us if you have any questions or concerns.
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