Call for Artists, Making Money at Juried Art Fairs, Craft Shows and Festivals
There are probably a ton of people just like me. I have Social Security plus the income from selling our art. My business is organized since 2008 as a Sole Proprietor. Here's what I found at irs.gov:
IRS: Economic impact payments
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that kind individuals can receive payments immediately as opposed to checks in the mail.
Now here is my problem and maybe yours. If they look at the 2018 return, or for that matter many other tax years, I am paying taxes and receiving direct deposit refunds.
SO ALL OF US IN A SIMILAR POSITION MUST BE LOOKING FOR THE IRS.GOV TO ADD A WEB PORTAL THAT ALLOWS US TO PROVIDE OUR BANK INFORMATION. LET EVERYONE KNOW AS SOON AS YOU SPOT IT. I SURE WILL.
A big correction. My point is that I always pay taxes and "never" have refunds. Thus, they don't have my bank account information.
Don't you get your soc sec sent to your bank acct? If so they have your info.
Good of you to post.
Absolutely! However, it clearly reads that they are going to look at the 2018 return (no refund) then look at the 2019 return (due on July 15th - not submitted). I am assuming the worst and hoping for the best that they look at the direct deposit info on file for SS.
If you pay taxes and have them withdraw the funds from your bank account, wouldn't they have your bank information? If you send them a check, then I don' know.
My sole concern rests on the fact that every announcement says that the 2018 taxes are the key and I never get refunds. The fallback is the 2019 return, that I haven't filed yet. Every IRS description does say that they will refer to any other area where I have supplied my banking information like Social Security or records of payments made to IRS. I will gladly announce the receipt of my disaster deposit if an IRS representative or a computer program identifies another area where IRS holds my banking information.
I read today that if they don’t have your banking info and you don’t provided when the port hole opens. They will mail you a check taking up to five months, sometime in September.