Filers: Get Your Payment

Use the “Get My Payment” application to:

  • Check your payment status
  • Confirm your payment type: direct deposit or check
  • Enter or update your bank account information for direct deposit if the IRS doesn’t have your direct deposit information and they haven’t already sent your payment

Update your bank account or mailing address

  • If the IRS does not have your direct deposit information from your 2018 or 2019 return – and a check has yet to be sent  – use the Get My Payment application to update your bank information. This would be where you would want your stimulus payment to be deposited into.
  • 2019 Filers: The IRS will send your payment using the information you provided to your tax preparer when you filed your 2019 tax return.
  • 2018 Filers: If you need to change your account information or mailing address, file your 2019 taxes electronically as soon as possible. That is the only way to let the IRS know of your new information.

It is important that everyone knows the IRS is currently not processing paper returns due to the Coronavirus.

 

For questions or more information contact Monica Brewer, #TheTaxExpert at 706-221-5171.

 

https://www.irs.gov/coronavirus/economic-impact-payments

Do you know what tax bracket you belong to?

The Tax Expert

Columbus, Ga (WRBL)- Across the United States, everyone is sorted into a specific tax bracket. While everyone belongs to different tax brackets, knowing which one you’re in can be confusing.

There are seven tax brackets, based on your taxable income and filing status:

  • 10%
  • 12%
  • 22%
  • 24%
  • 32%
  • 35%
  • 37%

For example, if you are single, you are taxed 10% on the first $9,700 of your annual income, but if you’re married and file jointly, you and your spouse will stay in the lower tax bracket until your income exceeds $19,400.

“When they are between zero to $9,700 they will be taxed 10% of that income. So once they go over the $9,700 the difference of that amount will then be taxed by 12%,” said Monica Brewer of Brewer Financial Firm.

But, what does that exactly mean? If you are making a total of $30,000 a year, you will fall under the 12% tax bracket and your first $9,700 dollars would be taxed at 10%. Your remaining balance will then be taxed at 12%, according to Brewer.

If you are married and filing jointly, you’ll stay in the 10% tax bracket until you exceed $19,400. So if you and your spouse collectively are making $60,000, your first $19,400 will be taxed at 10%, and your remaining balance will be taxed at 12%, said Brewer.

The big question is, how does this all play apart of you filing your taxes?

“This plays a major part in your taxes because it helps determine the taxes owed. So for example once someone that is single is taxed in the 10% bracket exceeds $9,700 their remaining balance will be taxed in the 12% bracket and that determines their taxes owed,” said Brewer.

For more information on taxes, brackets, and how taxes are handled, head online to IRS.gov.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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