Answers to your COVID-19 financial questions
The financial fallout from COVID-19 continues, and given the myriad government programs and announcements, it is understandable if you feel confused.
To help, please send your questions to askjill@jillonmoney. com. I am answering these and many more on my Jill on Money daily podcast.
Q
The I.R.S. moved the tax deadline to July 15th, but what about quarterly estimates?
A
On April 9, the I.R.S. announced more deadline updates. In addition to the April 15 filing and estimated tax payment being extended to July, the agency also moved Q2 estimates, which would have been due on June 15, to July 15. “This means that any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15 to make that payment, without penalty.”
Additionally, individuals, trusts, estates, corporations and other noncorporate tax filers qualify for the extra time. If you can’t make the July deadline, you will need to file an extension (form 4868) to October 15.
Remember: An extension to file is not an extension to pay any taxes owed, so you need to estimate your tax liability and pay any taxes owed by the July 15, 2020, deadline to avoid additional interest and penalties.
Q
If I don’t file taxes, how can I get the government’s $1,200 check?
A
If you are a U.S. citizen or permanent resident who: Had gross income that did not exceed $12,200 ($24,400 MFJ) for 2019 and were not otherwise required to file a federal income tax return for 2019, and didn’t plan to file, use the IRS Non-Filer tool (https://www.irs.gov/coronavirus/non-filers-enterpayment-info-here).
Q
My mother has gotten phone calls from someone who promised to help her “get her check from the government.” This is a scam, right?
A
Unfortunately, fraudsters mobilized quickly to take advantage of unsuspecting housebound Americans. Early reports include the sale of products, treatments and tests related to COVID-19; fake virus-related charity scams; “assistance” in securing government money; and “Person in need” scams, where someone poses as a relative who claims to be ill, stranded in another state or foreign country, and asks you to send money.
Forward any kind suspicious communications (phone, text or email) to the Federal Trade Commission or the Consumer Financial Protection Bureau.