Michael Jamison On Stimulus Checks
By: Nikki DeMentri
WRTV
Posted at 7:06 PM, Dec 28, 2020 and last updated 7:06 PM, Dec 28, 2020

Michael Jamison On Stimulus Checks

INDIANAPOLIS — Part of the $900 billion dollar relief package is a second round of stimulus checks to many Americans. WRTV is working for you and answering your questions with the help of a local tax expert.

“The new round is going to work very similarly to the first round of stimulus checks,” Michael Jamison, CPA and President of OnTarget CPA said.

Here are the basics of the second round of stimulus checks:
-Eligibility is based on 2019 returns
-Full payments of $600 will go to individuals making $75,000 or less
-Each dependent child age 17 and under is eligible for another $600 payment

“Anybody who would qualify for the stimulus payment based on their 2020 tax return when it’s being filed, they’ll get the money when they file that tax return,” Jamison said.

Q: “Is there any information on the stimulus if you had a child in the 2020 year? Do they count on taxes or not at all?”
-Diana from Indianapolis
A: “So if you had a child in the 2020 year, you’re going to fall under the category of someone who will get the stimulus money when you file your 2020 tax return,” Jamison answered.

As for when Hoosiers can start seeing these checks, that’s still unknown. Last week, Treasury Secretary Steven Mnuchin said checks could come out as soon as this week, but that was before there was a delay in the bill being signed.

Full Piece At: https://www.wrtv.com/news/coronavirus/what-hoosiers-can-expect-in-the-next-round-of-stimulus-checks

Indianapolis CPA | Michael Jamison | OnTarget CPA | WRTV