TERRE HAUTE, Ind. (WTHI) - President Trump authorized the stimulus package to help taxpayers out financially just over two weeks ago. Tax Professionals say citizens should start seeing those checks starting this week.
News 10 spoke with Tax Masters II President Tommy Jeffers. He says that this stimulus package has been hard to understand and a bit unclear up until this point. Through all it’s different forms, he talked about how fast you could see your stimulus money and what to expect.
To begin, Jeffers says they will use information from your 2019 tax returns. If you haven’t filed yet, The IRS will default and use your 2018 tax information. Remember, the tax filing deadline was extended to July 15th.
Jeffers played down the notion that those who have filed and have direct deposit through the IRS will get their checks quicker.
He says this process is electronic, and he does not believe there is any hierarchy on how fast someone gets their check.
“In the same breath, how two people can file on the exact same day and one will get their tax refund a week earlier than the other person. There really is no rhyme or reason, it’s all an electronic process,” Jeffers explained, “Just because people are starting to get them and you don’t doesn’t mean anything is wrong, it just means to wait.”
Jeffers also says all this information is on IRS.gov, and they have also launched a website for non-filers. If you haven’t filed yet, moved, or changed bank accounts, you can update that information so there’s no delay on getting your stimulus check.
Jeffers says there’s still a lot that’s unclear about these stimulus checks and what they mean for the long term for your wallet.
Jeffers says, getting this money from the stimulus checks now may have strings attached for next year’s taxes.
There’s a possibility, nothing confirmed yet, that these checks will act as a “loan” off of next year's refund.
Jeffers says, though, this implies that you would have to have a refund next year in order for this to offset. He says this poses the question of “is this really fair for people who don’t have a tax refund or people who’s income drastically changes between this year and next year”.
Jeffers says he believes the government rolled out this stimulus package as fast as possible to help taxpayers in the short term.
“I do believe that they have, in haste, tried to get this package signed, sealed, delivered, and out the door as fast as they could without really honing in on some of the finer details on how some of this was worded,” Jeffers said.
Jeffers says they are constantly getting updates on how all this will shake out. He says he would advise you at home to reserve judgment because all of us, including the treasury department, are in uncharted territory.
Overall hopefully all of us receive our checks from the stimulus package soon to relieve some of the financial burden brought down by the coronavirus.