File 2020 taxes to get stimulus
Q: My wife and I finally received the first stimulus check of $2,400 ($1,200 each) in mid-December 2020. I deposited it in my personal checking account. The bank showed the deposit and then removed $1,200 of it, saying my wife is not on my personal account, and they mailed the check back to us. We have never received the check back, and the bank says we need to get a replacement check issued. What should we do? — M.B., Orlando
A: If your adjusted gross income was less than $150,000 in 2020, then you should file your tax return and answer that you received only $1,200. You’ll get the appropriate tax credit as determined by your tax return. If your income was more than $150,000, then you can attempt to request another check. But with that income it is likely you will not qualify for some or the entire payment. — Mike Salmon
Q: How much income can I receive before I have to file an income tax return and is my Social Security considered part of that income? — J.F., Orlando
A: The minimum income to file for 2021 is based on your standard deduction. If you have total income below your standard deduction, you are not required to file a tax return. The standard deduction for single filers is $12,550 and $25,100 for joint filers. For your Social Security income, the answer is maybe. If you have income from other sources, some of your social security may be taxable, but that will depend on the amount and type of income received for the year. — Rhonda Shurtleff Have a question? E-mail email@example.com. Include your name (only your initials will be printed), hometown and phone. Questions are answered by Certified Financial Planners from the Financial Planning Association of Central Florida.