Israeli Americans are eligible for stimulus checks tax attorney tells Post

Each person seeking the relief must have a US social security number, and the deadline for the US to provide the money is the end of 2020.

By OMRI NAHMIAS
U.S. President Trump holds news conference on the coronavirus outbreak at the White House in Washington (photo credit: REUTERS)
U.S. President Trump holds news conference on the coronavirus outbreak at the White House in Washington
(photo credit: REUTERS)
WASHINGTON - US President Donald Trump on Friday has signed into law a historical bipartisan relief bill, estimated at $2 trillion, in an attempt to boost the economy and help Americans to handle payments at a time when millions of people have lost their jobs.
Notably, the new bill includes stimulus checks of up to $1200 to every American and an additional $500 for a child. According to Monte Silver, a US tax attorney living in Israel, American citizens and Green Card holders living abroad, including Israel, are eligible to receive monetary relief as well if they have social security number and they filed taxes for 2018 or 2019.
“The maximum amount (of $1200 for an individual or $2400 for married couples who files jointly) is available for individuals with income no more than $75,000 ($150,000 for a married couple), or $112,500 for a head of household,” he told The Jerusalem Post. “The relief gradually phases out for individuals earning more than these amounts.”
The benefit comes in one of two forms, he explained. The first is a tax credit (reduction in tax), and the second is money from the government (via bank wire or check) to those not owning taxes in 2019.  “In the latter case, the money is provided even if the person never has or will ever own any US tax,” Silver told the Post. “The US is not entitled to receive the money back in any case.”
Each person seeking the relief must have a US social security number, Silver noted, and the deadline for the US to provide the money is December 31, 2020. The US government will calculate the amount the taxpayer is due based on the 2019 return, or if one is not filed on time, then the 2018 return. “So if the American has not filed a 2018 or 2019 return and wants the relief, a 2019 return should be filed as soon as possible,” he added.
“The fact that Americans overseas receive relief is significant,” he continued. “Over the last two years, we have fought hard for smaller victories regarding the Transition and GILTI taxes. Prior versions of the Corona law left Americans overseas without relief.  But as a result of last-minute advocacy, Congress changed the wording and expanded the relief to us, too.”
Transition taxes according to Northeastern University's D'Amore-McKim School of Business, are in an added section in the U.S. tax code that broadly requires U.S. shareholders to pay a transition tax on untaxed foreign earnings of certain specified foreign corporations, as if those earnings had been repatriated to the U.S.
According to taxfoundation.org, GILTI or “Global Intangible Low Tax Income,” is a newly-defined category of foreign income added to corporate taxable income each year, whose primary purpose is to reduce the incentive for U.S.-based multinational corporations to shift profits out of the United States into low- or zero-tax jurisdictions.


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