Now, here's a really important point about the $1,200 stimulus payments we're all going to get (most of us anyway} I just realized this yesterday as I was about to pull the trigger on a client's return and get it efiled. Remember, the IRS will take your 2018 return and give you the payment off of that if your 2019 return isn't filed yet and now we all have until July 15 to file it! That means if your situation changed enough between 2018 and 2019 you may screw yourself out of $1,200 if you file 2019 right now and if you're married it could be $2,400. Example, I almost pulled the trigger on a client yesterday and efiled his return but I suddenly realized he got divorced in 2019 and is now filing single. I checked his AGI for 18 and it was 138K. For 2019 as single his AGI is 114K. Married joint filers can make up to 150K and single filers up to 75K so guess what? DO NOT file 2019, let the IRS pay him the stimulus based on 18! Damn, I was right on the efile page in my tax program and all I had to do was check a box and hit enter when I realized this.

There a lot of different scenarios here. If you have dependent children you get $500 for each child. Maybe the kid turned 17 last year and didn't enroll in college so you can no longer claim him for 19 but you did for 18. That's $500 and another reason to hold off on filing 19.

Make sure you check those differences from 18 to 19 to make sure you're not about to make the same mistake I almost did. I would really hate to explain that to my client if he caught that after it was filed and called me to ask about it. DUH!! Sorry, I'm a dummy! Not a great phone call.

Bob

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