The $2 Trillion Federal Stimulus Package & Tax Filing Date Extension

The federal stimulus bill enacted on March 27th includes one-time payments to individuals and families. Individuals making up to $75,000 are to receive $1,200; joint filers making up to $150,000 will receive $2,400. The size of the payments decreases above those income levels, phasing out completely at $99,000 for individuals and $198,000 for couples. There is also a $500 payment per dependent child.
 
IRS will base the income determinations on the 2018 or 2019 tax return filed, and those who qualify will automatically receive the payments. If you did not file a tax return in 2018 and 2019 because your income was below the filing threshold but you receive Social Security or Railroad Retirement benefits, you will still automatically get a stimulus check for $1,200 without having to file a tax return. If you didn’t file a return in either of those years and are not on Social Security, and you would like assistance with filing, you can locate free tax filing help here https://www.aarp.org/money/taxes/info-2018/aarp-tax-help-fd.html
 
The IRS has announced that the 2020 Tax Filing date has been pushed for April 15th to July 15th in response to the COVID-19 outbreak. This means that if you plan on filing state or federal taxes, you now have until July 15th to complete your tax forms. If you are owed money, you can still file now as checks are still be sent to tax filers.
 
For information about the recently enacted Retiree Income Exemption for CT Residents, CLICK HERE

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