Tag Archives: Recovery Rebate

Recovery Rebate Website Finder Updated – Where’s My Rebate?

Long time followers know posts usually occur on M-W-F, but in an effort to get updates to you guys quickly and share information, deviations have occurred ….

On Thursday of last week while helping several people determine if they were due a rebate AND where might it have gone…. a message announcing a three day shutdown for upgrades occurred.

Good News on the other side!

Recovery Rebate Website has been Updated

Sunday, late morning, an email was received from the IRS announcing that indeed the three day shutdown was for an update.

Checking a handful of folks that had not received their rebate, multiple, but not all were now showing a more descriptive explanation of where and how they would be receiving their rebate.

Here is the direct website…again be careful as included in the email from the IRS were multiple warnings about fraud…

https://www.irs.gov/coronavirus/get-my-payment

Here is a screen shot to make sure you are going to the correct website…. bad guys would love you to enter your confidential info… make sure the site you see, looks like this:

IRS Recovery Rebate Site

Have a Great “Found My Recovery Rebate” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

Recovery Rebates Are Out … Tracking Site – IF (?) You Want to Check on Status … Another Sharing Post

Yesterday we were introduced to the IRS website that allows tracking of your Recovery Rebate

Feel free to share with all, due to the headcount size of this Rebate, there are certain to be numerous problems and backlogs i.e. The faster fixed the better!

Recovery Rebates Commence

Originally we were under the impression the $1200 Recovery Rebates were due near the end of April or early May…. 

Good news… with a sampling of just under 20 people yesterday, the Recovery Rebates are out!

If you think you are due a rebate and have electronic instructions on file, we suggest you check your bank account first to see if there was a deposit yesterday!

If you did not, or are uncertain if you are receiving a Rebate… you may check the attached website…. BE CAREFUL … make sure you link to the correct site as it will ask for a Social, DOB, address and zip… all of which in bad hands can cause trouble… 

Here is the site.

https://www.irs.gov/coronavirus/get-my-payment

Normally we would hot link to this site, but we do not want your browser to accidentally grab the incorrect information or someone jump in front of our link.

Make sure you are on the correct site… looks like this…. note the web address

IRS Recovery Rebate Site

Again, with about a 20 person sample (we know, small but wanting to get this to you fast fast fast) we had a 20% problem rate. All problems were due to bad bank instructions on file.

Again, be careful…but if you have troubles, it may be worth checking as there are certain to be a backlog of problems causing delays in the future!

Have a Great “Recovery Rebate Check” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

 

 

 

 

 

 

Here is the site from the IRS

CARE ACT Review (Please Share, Especially with Someone You Know Who May Have Recently Moved) – “The Recovery Rebate!” – IMPORTANT *Update Your Address if You Recently Moved*

This is the first of a Multiple Part Series (4 or 5) on the CARE ACT … done in order of most touched by the bill. Due to the unique nature of the bill, (Far Reaching, Confusing, but needing expedited delivery and explanation), I am asking you share this with those that may be in need or find it helpful by pushing it forward to others via email.

The following is most fitting for someone you know that may have recently moved!

Over 90% of US tax payers will receive the following Recovery Rebate,making backlog and loss certain, the more streamlined we can be, the more help that will occur. 

The Care Act was signed into law on Friday, March 27, 2020 and includes a provision called the Recovery Rebate.

Break In : If you have moved or changed your bank account since your most recent Tax filing you need to file FORM 8822 to notify the IRS of your correct address.

The Recovery Rebate – Estimated 90% of Tax Payer Participation

Each person to receive $1200, kids UNDER age 17 credited to parents at $500 each, no limit in headcount.

This Rebate is NOT TAXABLE!

The payout is likely to be sent out end of April or early May!

Social Security recipients will receive theirs via their direct deposit account. Non Social Security recipients will receive their Rebate via the last known account on either your 2018 or 2019 tax return, whichever is more recent or directly to the address on file.

A letter will be sent to the last known address of your most recent tax return hopefully within two weeks of the bills signing with instructions on your calculation AND how the US Government intends to send you the rebate.

If you have moved recently or after you most recent tax filing date, YOU SHOULD FILE FORM 8822 ASAP for the IRS to update your address or you will likely not receive the notification letter, far complicating an already complicated situation.

Phase out

The applicable AGI phase out threshold amounts are as follows:

  • Married Joint: $150,000
  • Head of Household: $112,500
  • All Other Filers: $75,000

This phase out is based on either your 2018 or 2019 tax return, whichever is most recent. If your income exceeds the threshold and you are phased out completely, and your 2020 income is below the threshold when you file your 2020 tax return, you will receive your Recovery Rebate at the time of your 2020 filing.

Should your 2020 income rise above the thresholds but based on your prior years income you received the Rebate, YOU GET TO KEEP THE REBATE WITHOUT PENALTY OR TAX!

Planning Tip for those near or in the Phase Out Thresholds

If you have not filed your 2019 return, check to see which is lower, your 2018 or 2019, and if your 2018 is lower, do not file your 2019. Conversely, if your 2019 is lower file it immediately! You likely will not have to pay until the extended deadline of July 15, 2020 (Double check with your Tax Professional!)

CARES-Act-Economic-Relief-Proposed-Taxpayers-Refundable-Tax-Credits

Have a Great “Recovery Rebate” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents