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Golden State Stimulus

February 4, 2022 • By Kevin Alvarez

Tax Return Delays Likely, Here’s What To Do This Tax Season

Tax season is fast approaching! The pandemic has affected production on a multitude of levels and has taught us to be prepared for any delays whether it be shopping in person or even online. The Internal Revenue Service has shared it is faced with backlogs of up to 6 million in unprocessed individual returns. This tax season could very well have delays we are not in favor with. To help alleviate the burdens of the IRS and improve our chances of receiving our returns in a decent time frame, the IRS strongly suggests you do the following:

Use Free Online Resources Provided By The IRS

Filing taxes always brings a myriad of questions; questions we never know who to direct to, but the IRS. For this year’s tax season the IRS has shared, instead of calling in with your questions, you can visit the IRS’ Volunteer Income Tax Assistance (VITA) and/or Tax Counseling for the Elderly (TCE). Both programs are managed by the IRS and staffed with IRS-certified volunteers, who must take and pass tax law training which meets or exceeds IRS standards. To learn more and find a location near you, click here.

File Your Taxes Electronically This Year

The IRS strongly suggests taxpayers file their tax return electronically along with their direct deposit information as soon as all their tax documents have been made available. Tax payers should also check on the accuracy of all their information. Filing a tax return with errors or one that is incomplete may add to the overall delay of receiving your tax return. For the latest IRS forms and instructions, you can visit the IRS website at IRS.gov/forms.

Expect To Receive IRS Letters This Tax Season

People receiving these letters should keep them. Do not throw them away. These letters can help taxpayers, or their tax professional prepare their 2021 federal tax return.

Letter 6419 - Advance Child Tax Credit Payments

Did you know the Child Tax Credits were actually advanced payments on your 2021 taxes? The tax credit was temporarily expanded from $2,000 to $3,600 and the government began to pay half of the available credit via monthly payments from July through December. Those who opted out of advance payments will be receiving full refund amounts.

Each individual, even those who file jointly, should have received letter 6419, 2021 Advance Child Tax Credit. The IRS began sending Letter 6419 via the United States Postal Service back in December 2021 and has continued into the month of January. This letter contains information such as the total Advance Child Tax Credit amount as well as the number of qualifying children used to calculate the overall amount. Anyone who did not receive any payments listed is instructed to call the IRS before filing a return.

Letter 6475 - Economic Impact Payment

Letter 6475, Third Economic Impact Payment (Stimulus Money) was also issued out to individuals who received a third payment in 2021, in late January. This letter is needed to provide verification to the IRS that the taxpayer received the money.

What if I never received Letter 6419 or Letter 6475?

As mentioned above, to ensure you receive your refund, you will need the information on both letters. If you are missing either letter you can use the child tax credits portal to verify the information you need.

You always have the option to call the IRS at 1-800-829-1040, but remember, delays are imminent and strongly suggested you complete all your tax needs, electronically.

For more important IRS information, you can click here.

Tips To Make Filing Easier

  • Gather all your 2021 tax records, Individual Tax Payer Identification Numbers, Adoption Taxpayer Identification Numbers, and this year’s Identity.
  • Set up or log in securely at IRS.gov/account to access personal account tax information including balance, payments, and tax records including adjusted gross income.
  • Individuals can use a bank account, prepaid debit card or mobile app to use direct deposit and will need to provide routing and account numbers.

Key Filing Dates

Below are important dates taxpayers should be aware of this season:

April 18 — Due date to file 2021 tax return or to request an extension and pay tax owed due to Emancipation Day holiday in Washington, D.C., even for those who live outside the area.

April 19 — Due date to file 2021 tax returns or request extension and pay tax owed for those who live in MA or ME due to Patriot’s Day holiday.

When it's time to file your return, remember that filing your taxes electronically and including your direct deposit information would result in the quickest possible return.

SafeAmerica Credit Union Members Save

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The information in this article is for general educational purposes only and not intended to provide specific advice or recommendations. Please discuss your particular circumstances with an appropriate professional before taking action.

August 27, 2021 • By Kevin Alvarez

What You Need To Know About The Golden State Stimulus II

By now, you may have heard of a second stimulus payment being dispersed, also known as the Golden State Stimulus II. The payment is expected to reach Californians as early as next week (Week of 9-01-21).

The hot question here has been:

"Will I be receiving any money from this second wave of stimulus checks?"

The Senate Finance Committee released a memo which shared that the qualifications to receive the upcoming Golden State Stimulus II will mirror what was passed under the CARES Act back in March. There are a few factors that come into play regarding qualification for the Golden State Stimulus II.

They are...

  • File your 2020 taxes by October 15, 2021
  • Have a California Adjusted Gross Income (CA AGI) of $1 to $75,000 for the 2020 tax year
  • Have wages of $0 to $75,000 for the 2020 tax year
  • Be a California resident for more than half of the 2020 tax year
  • Be a California resident on the date payment is issued
  • Cannot be claimed as a dependent by another taxpayer (A dependent is a qualifying child or qualifying relative. Visit FTB Publication for more information about a qualifying child and qualifying relative.)

Similar to the first stimulus payment rollout and depending on which delivery option was selected on your 2020 taxes, California can receive payment via direct deposit or a paper check via mail.  Direct deposits are expected to be issued between September 1, 2021 and October 15, 2021.

Paper check timeframes are based on the last 3 digits of the zip code used on your 2020 tax return.

They go as follows:

001-065 10/04/2021 through 10/22/2021
066-221 10/18/2021 through 11/05/2021
222-302 11/1/2021 through 11/19/2021
303-543 11/15/2021 through 12/03/2021
544-709 11/29/2021 through 12/17/2021
710-998 12/13/2021 through 12/31/2021

As a reminder, in order to receive the stimulus payment, make sure to file a complete 2020 tax return by October 15, 2021.

Forbes had released an article back in June of this year with the expectations of US consumers to use the upcoming stimulus checks to further pay down credit card debt, prioritizing accounts with higher interest rates. US Consumers (and specifically our members) must not forget they have the resource to transfer their high interest credit card balances to financial institutions (like SafeAmerica Credit Union) with significantly lower interest rates than the big banks.

Known as a Balance Transfer in the finance industry, this essentially provides instant relief from high interest rates which in turn allows for more funds to be used towards paying down the principal of your loan compared to the big banks.

Taking advantage of any opportunity for saving any amount of the Golden State Stimulus II is ideal for any financial situation and a balance transfer allows just that.

Learn more about SafeAmerica's Balance Transfers and how you can take advantage of this resource by clicking the button below.

Visa Balance Transfer

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