Frequently Asked Questions
- Where is my stimulus payment?
The table below shows the qualifications for the first and second round of stimulus payments. AGI stands for adjusted gross income and can be found on line 8b of your 2019 tax return. As your AGI approaches the upper limits on the table your stimulus payment decreases.
|AGI To Receive Full Amount (both stimulus checks)||2nd Stimulus Check Upper AGI Limit||1st Stimulus Check Upper AGI Limit|
|Filing Single||Under $75,000||$87,000||$99,000|
|Head of Household||Under $112,500||$124,500||$146,000|
|Married, Filing Jointly||Under $150,000||$174,000|
If you qualify for the first round of stimulus payment and did not receive it, the window to track it has closed, but you can claim it on your 2020 tax return through the “recovery rebate credit.” If you qualify for the second round of payment and have not received it yet, you can track it using the IRS “Get My Payment” tool, or you can also wait until you file your 2020 tax return and receive the recovery rebate credit.
If you qualify and have a dependent under 16 that you claimed on your 2019 tax return you should have received $500/dependent for the first round and $600/dependent for the second round of stimulus payments. If you did not receive them, you can again claim it on your 2020 tax return through the recovery rebate credit.
If you had a child in 2020 and did not receive the dependent stimulus payments, no matter what month the child was born in, you can receive both stimulus payments on your 2020 tax return through the recovery rebate credit.
*Recovery rebate credits will not be automatically calculated. Please make a note anywhere on your tax organizer (paper or online) if you received any stimulus payments and for how much, so we can calculate any potential rebate credit on your 2020 tax return.
- Where is my refund?
You can visit the IRS website to track the status of your federal refund.
You can also visit the Minnesota Department of Revenue website to track the status of your state tax refund as well as your property tax refund.
- Where can I find information about how to value donated items?
You can visit The Salvation Army’s Donation Value Guide for examples of low-to-high values on the most commonly donated items.
- How long will it take to prepare my return?
The length of time spent on your return is dependent on several variables. The sooner we receive your documents, the sooner we can begin to prepare your return. We understand that not all tax related documents are received in a timely manner. Bring us what you have, so we can get started on your return and complete it faster when those documents arrive. The complexity of your return will also play a role in how quickly we are able to complete it. Unfortunately, there is no way to calculate an exact time as to how long we will need to complete your return, but we greatly appreciate your patience during this process!
- What is an extension?
An extension is a form filed with the IRS to request additional time to file your tax returns. The extension period is six months, which extends the due date for submitting your final returns from April 15th to October 15th. These dates are dependent on whether they fall on a weekend or a holiday that year and do not apply to business returns. If you are expecting a refund or received a refund the previous year, you will not be penalized for filing an extension. If you owe money, you will have to pay what you are predicted to owe based on the previous year’s tax return by the tax deadline to avoid penalties. Due to the volume of returns we prepare each year, extensions can be very beneficial for you. Filing an extension ensures a complete and accurate review of your tax information before submitting to the taxing authorities.
- Will I be audited if my return is extended?
The short answer is no. Audits are selected by the IRS for various reasons including random selection and computer screening based on statistical formulas. There is no reason to believe that filing an extension will increase your chances of an audit.
- I received an IRS notice, what should I do?
Don’t panic. Give us a call and we can determine if any action is needed.
- How long should I keep my records?
According to the IRS, you only need to keep records that support an item of income, deduction or credit as shown on your tax return. You should keep these records until the period in which your return can be amended, can claim a credit or refund, or the IRS can assess additional tax, runs out. The standard amount of time to keep records is 3 years, although there are circumstances where that time frame is longer. To find out if any of these circumstances applies to you, visit the IRS website for all scenarios.