Stimulus Payments

Coronavirus Aid, Relief, and Economic Security Act (CARES) and Economic Impact Payments:

President Trump signed into law, the Coronavirus Aid, Relief, and Economic Security Act (CARES) on Friday, March 27th, 2020.

1. Will Americans living outside of the US be eligible for the payment?
  • Yes.

2. Am I eligible?
  • You are a US citizen or US Green Card Holder
  • You have a US Social Security Number
  • You cannot be claimed as a dependent by another taxpayer
  • Adjusted Gross Income (AGI) thresholds as follows
7. Do I need to file a form or request payment?
  • No, if you filed your US 2018 &/or US 2019 Federal Tax Return
  • Yes – if you didn’t file a US 2018 or US 2019 return and qualify (see chart above – note: your adjusted gross income will include ALL your worldwide income – not just your employment income, but investment income, child tax benefits – even if from a foreign government – so, you will need to file a return to verify whether or not you would qualify. File a return, often called a zero return, if you did not need to file.)
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8. How much will I get?
  • Maximum payment of $1,200 per taxpayer
  • An additional $500/qualifying dependent child 16 or younger as of the end of 2019.
  • Will dependend on your filing status (Single, Married Filing Separately, Head of Household, or Married Filing Jointly). For an exact calculation, use the link below: https://www.forbes.com/advisor/personal-finance/stimulus-check-calculator/ (Forbes)
  • You will need two pieces of information to use the above calculator:
    • Your filing status
    • Your Adjusted Gross Income
      • Form 1040/Line 7 on US 2018 returns
      • Form 1040/Line 8b on US 2019 returns

9. Is it worthwhile for me to wait to file or file an amended return?
  • As the situation is still fluid in terms of US government legislation, the overall public health policy, etc. – probably best to wait – as there may be more changes.
  • In US tax terms, it is more likely than not, that if there are adjustments to be made, they will be incorporated into the US 2020 tax return season next year.
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10. For more information, the following resources are:
If you have any questions or would like to discuss your particular tax situation with us, we would be more than happy to help.
(Last updated: 19 April 2020)
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