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Taxes & stimulus payments: what you need to know now

Tax Day is July 15th. Can you file an extension? And will there be a second round of stimulus payments?

GREENSBORO, N.C. — Are you STILL waiting for the stimulus payment? What about taxes, aren't they due soon? Yes, July 15th. 

Today from 5:30-6:00 pm 2WTK has two experts to answer your stimulus and tax-related questions. Mark Hensley, Assistant Director for the NC Region AARP and Kevin Robinson of Robinson Tax & Accounting services will be taking your questions. TEXT your questions 336-379-5775.

WHEN WHERE THERE BE A SECOND ROUND OF STIMULUS PAYMENTS?

The White House is said to be "seriously considering" a second round of stimulus payments. The thinking is a vote on some kind of plan that will take place in late July.  

What could the second round of stimulus look like in your bank account?
If the Heroes ACT holds up ---which it probably won't fully-- but if it did,
 each member of a household would receive $1,200.
Age doesn't play a part. Kids get the $1,200 too.
But the household cap is $6,000.

But the President has said he's hoping for a higher payment. You can read more here: RELATED: White House to 'seriously consider' second stimulus check, Treasury Secretary says

RELATED: Trump supports new round of direct coronavirus stimulus payments

RELATED: IRS tells nursing homes not to take stimulus checks from residents

RELATED: The IRS is warning you about losing your stimulus payment

TAX DAY IS JULY 15TH.

Can't make the deadline? You can file an extension. You'll need Form 4868 for filing a federal extension with the IRS. The extension is for filing only and not paying. Taxpayers who owe but won’t be able to get their returns filed by July 15th will need to send in a payment with their extension. The referenced form can also be e-filed with most tax software.

Are you waiting for your tax refund? CBS News has learned from a report to Congress the IRS had a backlog of 4.7 million returns for the 2019 tax year as of mid-May, which is delaying refunds for many.  

Need taxpayer assistance?  Form 911 requests for Taxpayer Advocate Service Assistance. This is somewhat of a last resort but given these dire economic times people are going through it’s worth knowing about and utilizing. Form 911 is complete and can be faxed to 1-855-821-0243 which for the Local Taxpayer Advocate in Greensboro.

Contact a Local Taxpayer Advocate (LTA) in North Carolina

Charlotte

10715 David Taylor Drive Suite 130 Charlotte, NC 28262

phone: 704-548-4456

fax: 888-981-6475

Greensboro

4905 Koger Boulevard, Suite 102, Mail Stop 1, Greensboro, NC 27407-2735

phone: 336-574-6119

fax: 855-821-0243

STIMULUS INFORMATION

WHY DON'T YOU HAVE IT?  There are several likely scenarios:

  • You don't normally file taxes.
  • Your banking information the IRS has on file is wrong.
  • The Post Office couldn't deliver your check.
  • Your payment was wrong.
  • Your stimulus payment check or card was lost, damaged, or stolen. 

If you don't normally file taxes:

And you're not claimed as a dependent by anyone you don't receive social security then you need to use the non-filers tool to give the IRS your info.
This portal is open until October 15.

If your banking info was wrong:

The payment goes back to the IRS and you will get a paper check. It takes up to 14 days after all that happens to get a check.

If the Post Office can't deliver the check to a listed address: 

The check goes back to the IRS. The agency will update your payment status on the Get My Payment site to need more information and you can enter it in.

If your payment was wrong:

For example, if you didn't get the $500 for a child under 17-- at this point you'll have to wait until you file your 2020 taxes and you'll get the tax credit then.

If your stimulus payment check or card was lost, stolen, or damaged:

You will need to request a Payment Trace. This needs to be used only in certain circumstances. The IRS has a step by step guide on what to do on this FAQ page under "Q60." 

WILL I HAVE TO PAY MY STIMULUS MONEY BACK ON MY TAXES NEXT YEAR?

No. This is actually what would have been a tax credit on next year's taxes, so you're just getting it early. You will not have to pay back any of the stimulus payments back to the IRS. 

YOUR DEAD LOVED ONE GOT A CHECK, NOW WHAT?

If you got a stimulus check or debit card and ---it's to a loved one passed away, you need to send it back.

MEMPHIS REFUND

INQUIRY UNIT 5333

GETWELL RD MAIL STOP 8422

 MEMPHIS, TN 38118