U.S. Stimulus Payments for Americans Abroad
Table of Contents
The US Government has passed the 2 trillion dollar stimulus package.
US Residents with social security numbers, 𝗥𝗘𝗦𝗜𝗗𝗜𝗡𝗚 𝗔𝗡𝗬𝗪𝗛𝗘𝗥𝗘 𝗜𝗡 𝗧𝗛𝗘 𝗪𝗢𝗥𝗟𝗗, are eligible depending on their income.
🌎 “Resident” does not mean living in the U.S. when it comes to U.S. taxation.
AMOUNT
US$1,200 per adult depending on adjusted gross (worldwide) income.
$500 for eligible children under 17 years old. They need to be your dependent, hold US citizenship and have their own SSN.
IS THE STIMULUS PAYMENT CONSIDERED
TAXABLE INCOME?
No, but…
The stimulus payment is considered a credit towards your 2020 taxes.
Think of it as an advance payment from the IRS.
If you are due a refund on your 2020 tax return, the amount of the stimulus check will reduce the amount of your refund.
THRESHOLD
Single:
Get the full stimulus payment when your income is between $0 and $75,000.
Married to an US citizen or Green Card holder (filing jointly)
Get the full stimulus payment when your JOINT income is between $0 and $150,000.
Head of Household:
Get the full stimulus payment when your income is between $0 and $112,500.
Reduction of stimulus amount:
For every $1,000 your income is above the threshold, reduce the stimulus payment by $50 until you get to zero.
What if I’m way behind on my U.S. tax returns?
There is a special IRS program to help you catch up on your U.S. taxes safely, without fines and penalties
STREAMLINED AMNESTY
It’s for American citizens that didn’t know they had to file U.S. tax returns each year, and have therefore fallen behind. Some more than 30 years! With the IRS Streamlined Procedure, say goodbye to overdue tax returns, late fees, and penalties. If you have children, we can backdate your Child Tax Credit Refund for 3 years.
Get a quote here.
RECEIVING THE PAYMENT
If the IRS has your US bank account details on file, you can expect a direct deposit.
If you’re about to file a 2018 or 2019 tax return, include your US Checking account details if you have an account.
If you don’t, expect checks to come in the mail to the address you noted on your 2019 tax return (or 2018 tax return if 2019 has not yet been filed).
It can take a while for the checks to get to addresses abroad.
WHEN WILL I GET THE CHECK?
From information released so far, 3-4 weeks, could be longer.
If you’re waiting for a check outside of the U.S. please add extra time on top.
WHAT IF I HAVEN’T FILED FOR 2018 OR 2019?
We suggest you file ASAP if you want the stimulus payment.
If you only need to file for one year and you want us to prepare the return for you, start here.
WHAT IF I HAVEN’T FILED FOR MANY YEARS?
If you haven’t filed in many years, then use the IRS Streamlined Tax Amnesty program to catch up.
We can help you with that.
Learn about the IRS Tax Amnesty here.
We’re offering special discounts for those that are eligible for the stimulus payments.
Contact us on Facebook Messenger or Live Chat if you want to get started or ask questions.
It’s for U.S. citizens and Green Card holders that didn’t know they had to file US tax returns each year, and have therefore fallen behind, some more than 30 years!
In a nutshell, we have to file 2016, 2017 and 2018 US tax returns for you, plus your non-US bank account reports for the last 6 years (FBARs).
If you use the IRS Streamlined amnesty program, you can forget about previous years, the IRS promises not to look back any further than 2016 as long as you promise to keep filing each year going forward. It’s a great deal.
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