May 26, 2020 - Trusts & Estates Group News: Turns Out, You Can't Take It With You
By: Lisa Newfield
The Coronavirus Aid Relief and Economic Security Act (CARES Act) included economic impact payments (also sometimes referred to as “stimulus payments”) for qualifying individuals of up to $1,200 per person. The payment is automatic for most taxpayers and based in part on the individual’s filed tax return for 2018 or 2019. In April more than $200 billion in economic impact payments were sent out by the Treasury, and some of those payments were mailed to or deposited into accounts for persons who died between 2018 through 2020.
If a paper check was received, write in "VOID" on the back of the check in the endorsement section, mail it to the Treasury Department at the appropriate address below, and include a note stating the reason the check is being returned.
If a paper check was cashed or payment was received by direct deposit, submit a personal check or money order to the IRS, made payable to US Treasury, include “2020 EIP” in the notes section with decedent’s Social Security number, and include a note stating the reason the check is being sent.
For taxpayers in CT:
For taxpayers in MA:
Treasury has not commented on whether there is any penalty for not returning checks and has not commented on how it plans to enforce the guidelines.
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