COVID-19 Stimulus Payments – A Quick Note

Yesterday I was asked if a person is prohibited from receiving their stimulus payment if 2018 and 2019 tax returns were not filed. Please read the following:

1.) 2019 federal tax returns are not even due until July 15, as the April 15 deadline has been extended. So, not having filed your 2019 tax return is not an issue;

2.) As to 2018 federal tax returns, the IRS website states:

Q.) I have a tax filing obligation but have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?

A.) Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return

3.) As to direct deposit payments, if you have a judgment or garnishment/attachment action against you, it would be better to obtain your stimulus payment by check so that you can hold it, deposit it into an account of another person or something similar to preserve these funds for your use.

Feel free to contact us if further questions on this issue.

Allan Opsitnick