Clymer, Hall & Davis
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Economic Impact Payments
​​The Basics: 
  • For most taxpayers payments have been automatic, and no further action is needed.
  • The first stimulus payout included taxpayers who filed tax returns for 2018 or 2019, and most seniors and retirees with social security income, and individuals who used the "Non-Filer" tool on IRS.gov.
  • The second stimulus payout only included taxpayers who filed tax returns for 2019, and most seniors and retirees with social security income, and individuals who used the "Non-filer" tool on IRS.gov.
Those who have not yet received the second stimulus payout:​
  • The IRS is working to reissue payments for people that paid preparation fees out of their refunds, or received refund advances.
  • Per the IRS, eligible recipients will not receive these reissued payments until February 1st by direct deposit, or the first week of February by mail.​ 
  • The “Get My Payment” status page on the IRS website will not be updated by the IRS until after February 1st. 

FAQ's

​​​​​1. ​​Did my money go to Clymer, Hall & Davis?
NO.​ We did not receive any clients' payments from either stimulus and we as a firm are not given any information or direction from the IRS regarding stimulus status.
​The IRS mistakenly sent many payments to the temporary accounts established through a third party bank that are ONLY used to separate preparation fees from refunds and/or repay refund advances. 
The stimulus payments simply bounced back from the closed accounts to the IRS, and now they are working to fix their mistake.


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2. ​​Who is eligible
?
U.S. residents--if they are not a dependent of another taxpayer and have a work eligible Social Security number--will receive the Economic Impact Payment (EIP), based on the following income limits:

These payment are based on adjusted gross income up to:
$75,000 for individuals or married-filing-separately
$112,500 for head of household filers and
$150,000 for married couples filing joint returns
For the first stimulus, taxpayers received a reduced payment if their AGI was between:
$75,000 and $87,000 for those filing single or married-filing-separately
$112,500 and $136,500 for head-of-household
$150,000 and $198,000 for married-filing-jointly​

For the second stimulus, taxpayers received/will receive a reduced payment if their AGI was/is between:
$75,000 and $87,000 for those filing single or married-filing-separately
$112,500 and $124,500 for head-of-household
$150,000 and $174,000 for married-filing-jointly​

**The amount of the reduced payment will be based upon each taxpayer's specific adjusted gross income.**


3. I didn't get my stimulus payment at all (or in full). What now?
​The CARES (Coronavirus Aid, Relief, and Economic Stability) Act authorized the Recovery Rebate Credit to be applied to 2020 tax returns.
The two stimulus payments ​were advance payments of this available credit.

If you did not receive one or either of these advance payments--and you are eligible to receive them--you have not missed out on this money.
​When you file your 2020 return, your preparer will ask you about the stimulus payments you did or did not receive, and apply that information to your tax return to get whatever remaining Credit for which you are eligible.
Any remaining eligible Credit will then either reduce the amount of tax you owe to the IRS for 2020, or it will increase the tax refund that is due to you.​


**What you need to know**