CARES Act Stimulus Checks!

CARES Act Stimulus Checks!

Stimulus Checks, what you need to know and how much money can you expect!

Common Questions regarding the Recovery Rebates for Individuals included in the CARES Act:

I received my IRS refund from a TORO TAX office, will I be getting my stimulus check from them as well?

If you received a check or Wal-Mart Card from one of our offices you will be receiving a check directly from the IRS.

If you got Direct Deposit from us you will be receiving Direct Deposit from IRS and it will show in your account within 72 hrs from date stated on the website.

If a payment is returned to the IRS (Ex. bank account is closed), the IRS will mail a check to the taxpayer.

In the rare event that payments are inadvertently sent to TPG (Toro Taxes Bank), a plan is in place to help identify and expedite the return of these payments to the IRS so that the IRS can reissue payments directly to affected taxpayers as soon as possible.

4/15/20 - It appears that the IRS may have inadvertently sent a small number of Economic Impact Payments (EIP) through TPG. These Economic Impact Payments (Stimulus Payments) have been returned to the IRS and will be reissued as checks directly to taxpayers.

Taxpayers who opted in for a Bank Product and provided their direct deposit information will receive their stimulus by direct deposit 72 hours from the date stated on the IRS Website.

"We understand that taxpayers need their refund or EIP more than ever, so we are committed to getting money to taxpayers as quickly and easily as possible." - TPG Bank

Why did you send my check back to the IRS?

Our bank sent the money back to the IRS for them to issue it to you directly, because if we had received it in our account it would defeat the purpose of social distancing, It was the safest option for you as our client and our employees.

On the website the last 4 of the account number is not my account?

If you used our bank product when filing your taxes, the last 4 digits on the Get My Payment site are the last 4 numbers of your SSN.

The amount I received on my stimulus payment is not the amount I was expecting?

Filers with incomes above $75,000 for singles or $150,000 for married couples filing a joint return could receive a reduced payment.

The payment amount is reduced by $5 for each $100 above the thresholds.

The possibility for a payment vanishes for single filers with incomes exceeding $99,000 and married couples filing joint returns with incomes exceeding $198,000 if they have no children who are eligible.

The stimulus may be applied to unpaid child support.

The stimulus will not be used to reduce or offset any income tax owed.

How much will I receive?

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*Phaseouts begin at $75,000 Single, $112,500 HOH, and $150,000 MFJ. Phaseouts end at $99,000 Single, $148,500 HOH, and $198,000 MFJ.

Who qualifies?

  • The stimulus will be paid to taxpayers and dependents with valid SSNs or ATINs.

  • ITINs, estates, and trusts do not qualify.

  • Taxpayer’s that are claimed as a dependent on another’s tax return do not qualify.

Will I have to repay the stimulus payment?

The stimulus does not require repayment.

What do I need to do to receive the stimulus payment?

There is nothing to do if you filed a tax return for 2018 or 2019 or for Social Security and Railroad Retirement recipients who are not typically required to file a tax return. If you have not filed your 2018 or 2019 return the IRS recommends that you file back taxes for 2018. If you are someone that doesn't need to file you must submit your Simple Tax Return, to provide your direct-deposit information.

How will I receive the stimulus?

The IRS will disburse the funds according to the direct-deposit information on your latest tax return or social security benefits statement. If you don't have a tax filing obligation you will have to submit a Simple Tax Return to provide your direct-deposit information. If you do not provide direct-deposit information you will receive a check.

When will I receive the stimulus?

The IRS has begun issuing payments to taxpayers with direct deposits, and the lowest income (AGI) taxpayers first. The IRS has indicated most payments will be received by April 15. They will issue payments weekly until payments are complete. Visit the IRS Get My Payment page for more information.

Taxpayers who filed in 2018 or 2019 will receive payments automatically from the IRS. The IRS indicated payments will also go in the near future to those receiving Social Security retirement or disability benefits and Railroad Retirement benefits.

What is the CARES Act?

On March 27, 2020 the president signed The CARES Act (Coronavirus Aid, Relief, and Economic Security Act). The $2 Trillion aid package will provide financial aid to families and businesses impacted by the Covid-19 Coronavirus Pandemic.

I have more questions? Who do I contact?

You can submit additional questions at Support@torotaxes.Com and or contact our customer service lines at 1.800.TORO.TAX

Last Updated: April 15, 2020, 11:00 am

** PLEASE NOTE: INFORMATION IS UPDATED FREQUENTLY AND SUBJECT TO CHANGE**

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