Should I File My Taxes Now or Wait Until July 15?
I have been receiving a lot of questions regarding filing 2019 tax returns and stimulus payments. If you have a filing requirement, you must have filed 2018 or 2019 to receive your payment. If you do not have a filing requirement, you can still receive a payment if you qualify see below IRS Non-Filers.
The IRS has two tools to help millions of taxpayers with their Economic Impact Payment. The payments are $1,200 per eligible person and up to $500 for each qualifying child.
The first tool, Non-filers: Enter Payment Info Here is available – in English and Spanish – for certain taxpayers who don’t normally need to file a return. This free tool allows them to enter basic information so the IRS can issue their payment. The second tool, Get My Payment, allows people to check the status of their payment and provide bank account information if a payment has not been scheduled for delivery.
If you don’t have to file till the July 15th or pay till July 15th, you can wait. Obviously, if you are due a refund I highly recommend that you go ahead and file so that A. you’ll go ahead and get refund that will be processed quicker. But also the stimulus check is available for certain filers depending on your household status and your level of income. Obviously, there’s a phase-out once you reach a certain threshold you wouldn’t be eligible for stimulus check. But if you are due a refund and eligible for stimulus check you might wanna go ahead and file because if you haven’t filed, if you haven’t found 18 then they wouldn’t have your information to give you a stimulus check. And so you would wanna file 19 you have to file either 18 or 19 to get that money and so the quicker you get it in the sooner you’ll get your money.
On the flip side if you owe taxes, you can go ahead and file if you wanna get that out of the way but you still have until July 15th, to pay the tax. So you know, it’s kind of up to you if you’re gonna owe but if you’re due a refund I’ll say go ahead and do it as quickly as possible so you can get that money.
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