WE'RE
WE'RE BACK ANSWERING YOUR STIMULUS AND TAX RELATED QUESTIONS.
MARK HENSLEY, THE ASSOCIATE
STATE DIRECTOR FOR AARP NORTH
CAROLINA, THE TRIAD REGION.
AND KEVIN ROBINSON FROM
ROBINSON TAX AND ACCOUNTING
SERVICES ARE WITH US NOW.
YOU CAN SEND US YOUR QUESTIONS
BY TEXT AND THAT NUMBERS RIGHT
HERE AT THE BOTTOM OF YOUR
SCREEN.
3 3 6 3 7 9 5 7 7 5.
ALL RIGHT.
LET'S GET TO THESE TEXT
QUESTIONS.
THIS PERSON IS ASKING MARK WHAT
SHOULD I DO ABOUT GETTING MY
STIMULUS CHECK IF MY ADDRESS
FROM MY 2018 TAXES IS A
DIFFERENT ADDRESS THAT I'M AT
NOW?
>> YEAH, THIS DOES AFFECT
PEOPLE.
SO IF THEY CAN CONFIRM I DIDN'T
GET A DIRECT DEPOSIT THEN WE
RECOMMEND YOU GO TO IRS STOCK.
AND I KNOW THAT YOU HAVE AN
IMAGE OF THAT THAT WE CAN
SHARE.
THERE'S A BUTTON CALLED GET MY
PAYMENT.
FIND OUT IF THE PAYMENT HAS
DEPLOYED AND IF IT HAS THEN
THERE'S A CHANCE YOU HAVE LOST
YOUR CHECK.
IT HAS BEEN TAKEN OUT OF THE
MAIL BY SOMEONE YOU CAN GO TO.
IDENTITY THEFT DOT GOV.
AND REPORT IT.
BUT ALSO KEEP IN MIND ABOUT
FOUR MILLION FOLKS RECEIVED A
DEBIT CARD AND WHICH ARE IT'S
NOT JUST A MINUTE AGO THERE'S A
STATEMENT THERE THAT SAYS
REMEMBER WHERE WE'RE SENDING
OUT DEBIT CARDS.
SO KEEP AN EYE OUT FOR A BLUE
CARD WITH YELLOW STRIPES.
YOU MAY HAVE SHREDDED IT OR
THROWN IT AWAY BUT THAT WAS
YOUR STIMULUS PAYMENT.
ALL RIGHT.
>> AND WE HAVE SOME VIDEO OF
THE PAYMENT ENVELOPE AND ALSO
THE DEBIT CARD PAYMENT
ENVELOPE.
IT DOES NOT SAY IRS.
IT SAYS MONEY NETWORK
CARDHOLDER SERVICES.
AND THEN THIS IS THE DEBIT CARD
WHICH LOOKS PRETTY PLAIN AND IT
DOESN'T SAY YOU'RE IRS ECONOMIC
IMPACT PAYMENT OR YOUR STIMULUS
PAYMENT.
IT DOES, HOWEVER, SAY THAT IN
THE BODY OF THE LETTER NOW YOU
MAY HAVE RECEIVED THIS AND
THOUGHT THIS LOOKS SO GENERIC
YOU CHECKED IT BECAUSE YOU
THOUGHT I DIDN'T, YOU KNOW,
APPLY FOR ANYTHING.
SO YOU WOULD NEED TO GO ONTO
THE WEB SITE TO BE ABLE TO THEN
SAY, HEY, I THINK I TOSSED THIS
OUT BUT WE WANTED TO MAKE SURE
THAT PEOPLE KNEW THAT THIS WAS
NOT A SCAM.
THIS ACTUALLY WAS REALLY THE
DEBIT CARD FROM THE IRS.
OK.
LET'S GO ON TO THIS.
KEVIN, SOMEONE'S ASKING THIS
QUESTION AM I STILL ABLE TO
FILE FOR A TAX EXTENSION STILL?
>> YES.
GOOD QUESTION.
IT'S THE MOLLERUS IS THE TAX
DAY.
THREE MONTHS OUT FROM APRIL
15TH, JULY 15TH.
SO YES, THEY ARE ABLE TO FILE
EXTENSION MOST TAX SOFTWARE CAN
DO THAT ONLINE.
IT IS FORM 48 60 FOR THE
FEDERAL AND BASICALLY TO KEEP
IN MIND THOUGH IT IS FILE AN
EXTENSION ONLY.
SO IF THEY ARE PRETTY SURE
THEY'RE GOING MONEY AND THEY
DON'T HAVE TIME TO COMPLETE
THEIR RETURN THEN THEY NEED TO
PUT WHAT THEY FEEL LIKE THEY
WILL OWE WITH THAT EXTENSION SO
THEY DON'T GET PENALIZED FOR A
LATE PAYMENT PENALTY OR
UNDERPAYMENT PENALTY THAT COULD
HAPPEN WHEN THEY FINALLY
RECONCILE THEIR RETURN.
RIGHT.
YOUR TAX EXTENSION IF YOU FILE
FOR THAT TOMORROW IT GETS YOU
UNTIL OCTOBER 15TH FOR YOU TO
GET ALL YOUR PAPERWORK TOGETHER
BUT YOU ACTUALLY NEED TO SEND
THE MONEY IF YOU OWE TAXES.
>> THAT'S RIGHT.
YOU NEED TO SEND THE MONEY BACK
TOMORROW.
YOU'RE PRETTY SURE YOU'RE GOING
TO OWE TAXES THEREFORE SO YOU
WON'T GET AN ALLOWANCE FOR LATE
PAYMENT AND YOU DON'T SEE
ENOUGH TAXES AND THERE'S
THERE'S A RISK OF UNDERPAYING
THE PAYMENT THAT WOULD HAPPEN
RETURNED WHEN IT'S LIKE THAT.
>> SO A FOLLOW UP QUESTION
HERE.
IT SAYS I HAVE FILED MY TAXES
AND I DO OWE MONEY.
CAN I SET UP A PAYMENT PLAN
WITH THE IRS?
>> YES.
THAT'S A VERY GOOD QUESTION.
CANYON AND THE ANSWER IS YES
THAT THEY CAN BASICALLY OWE
MORE THAN THEY CAN PUT A CHECK
IN THE MAIL TOMORROW.
BOB AND I WOULD SUGGEST THAT
PAY AS MUCH AS YOU CAN AND THEN
WORK WITH THE IRS ON THE
PAYMENT PLAN.
THERE'S ALSO A FORM 94 65
INSTALLMENT AGREEMENT THAT THEY
CAN WORK THE IRS ON GETTING
THAT SET UP AND ESTABLISHED TO
GET A PAYMENT THEY CAN AFFORD
AND OBVIOUSLY PAY OUT PAY IT
OFF AS SOON AS THEY CAN REDUCE
PENALTY AND INTEREST.
>> OK.
WE'RE BACK TO A STIMULUS
QUESTION HERE, MARK.
THIS PERSON SAYS IF A SECOND
STIMULUS CHECK GOES THROUGH ANY
CHANCE THAT COLLEGE STUDENTS
WOULD RECEIVE SOME MONEY.
>> SO WE KNOW THAT ANYONE OVER
A 17 DID NOT GET THEIR PARENTS
DID NOT IF THEY COUNTED THEM AS
DEPENDENTS GET THE 500 DOLLARS.
AND THEY ALSO DIDN'T RECEIVE A
TWELVE HUNDRED DOLLAR PAYMENT.
IT IS RECOMMENDED THAT THE
CALLS THESE INDIVIDUALS FOR
TALKING ABOUT COLLEGE STUDENTS
FAIL THROUGH THE CRACKS THAT IN
THE SECOND ROUND THAT SHOULD BE
RECTIFIED.
ALL AMERICANS SHOULD RECEIVE A
TWELVE HUNDRED DOLLAR PAYMENT
AGAIN THAT IS PART OF THE
REPUBLICANS GIVES ME THE HOUSE
OF REPRESENTATIVES PROPOSAL.
NOW LET'S SEE HOW THE SENATE
MIGHT REACT.
SO THIS PERSON FOLLOWED UP WITH
A QUESTION AND SAID IF MY
ELIGIBLE CHILD DID NOT RECEIVE
THEIR STIMULUS, WILL THEY
RECEIVE IT FOR THE 20 20 TAX
RETURN?
>> NOW A CHILD DOESN'T ACTUALLY
GET A STIMULUS PAYMENT BUT THE
PARENT WOULD HAVE GOTTEN THE
FIVE HUNDRED DOLLARS PER CHILD
IF THEY ARE AGE 17 OR YOUNGER.
>> KEEP IN MIND, KEVIN
MENTIONED THIS BEFORE.
IF THEY MISSED OUT ON EITHER A
DEPENDENT PAYMENT OR THEY HAVE
NOT RECEIVED THEIR STIMULUS
PAYMENT, THIS CAN BE A CREDIT
WHEN THEY FILE THEIR 2020 TAX
IN EARLY 2021.
>> OK.
SO AND YOU KNOW THERE WAS A
TIME THAT SSI RECIPIENTS HAD TO
PUT IN THEIR DEPENDENTS FOR
THEM TO GET THE MONEY FOR THEIR
DEPENDENTS AND THAT WAS GOING
TO BE SENT TO THEM SEPARATELY
FROM THEIR STIMULUS PAYMENT.
BUT AGAIN, IF FOR SOME REASON
YOU HAVE AN ELIGIBLE CHILD IT
WILL SHOW UP ON YOUR TAX RETURN
NEXT YEAR.
IS THAT CORRECT?
AND IT IS GOING TO BE A TAX
CREDIT.
>> YES, THAT'S CORRECT.
MOLLERUS CORRECT.
AND THAT IS THAT IS CORRECT.
OK.
>> AND SO SOMEONE IS ASKING
ABOUT THE STIMULUS MONEY.
IS IT AN ADVANCE ON TAX REFUNDS
OR IS IT TOTALLY SEPARATE?
>> GO AHEAD KIMBROUGH.
OH BOY IT IS ACTUALLY ON
ADVANCE ON THE RECOVERY REBATE
CREDIT ON THE 20 20 RETURN 10.
>> SO BASICALLY IT IS AN
ADVANCE PAYMENT AGAINST THAT
CREDIT THAT IS GOING TO SHOW UP
ON THE RETURN BETWEEN 20 THAT
WE FOUND.
>> IT'S AN ADVANCE ON THE
CREDIT BUT WE DON'T WANT YOU TO
GET THAT CONFUSED WITH IT'S AN
ADVANCE ON YOUR TAXES OR ON
YOUR REFUND.
IT DOES NOT DO ANYTHING WITH
YOUR REFUND FOR NEXT YEAR.
THAT IS CORRECT.
ALL RIGHT.
MARK, DID YOU HAVE ANYTHING
QUICK THAT YOU WANTED TO ADD
ABOUT THAT?
>> WELL, THE REASON IT'S A
STIMULUS IS TO STIMULATE THE
ECONOMY.
SOME FOLKS SAID WELL, NOTHING'S
FREE.
BUT IN THIS CASE IT IS A GIFT
FROM THE U.S. GOVERNMENT.
>> GOOD POINT.
OK.