Economic Impact Stimulus Payments

[Randy W]

These will apparently come from the IRS, based on your 2018 or 2019 tax return. If your Income was too low to require filing, you will need to file anyway.

I have filed for an extension for my 2019 return, since my 2018 return has an address that is no longer valid (my mail forwarding service moved to NJ).

The IRS will also be setting up a website where you can provide your direct deposit information, if they don't already have it.

The refund will apparently come throughout the 2020 calendar year, so no hurry. I think you will even be able to claim it through your 2020 tax return.

from the IRS - make a note of the 2 web sites I've provided links to here so you can check back later.

Electronic impact payments: What you need to know

Quote

How will the IRS know where to send my payment?

The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

The IRS does not have my direct deposit information. What can I do?

In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

How can I file the tax return needed to receive my economic impact payment?

IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.

 

Edited March 13, 2021 by Randy W (see edit history)

[Randy W]

from WaPo - no tax return needed

Social Security recipients who don’t usually file tax returns will automatically get $1,200 payments, Treasury says in reversal

Quote

The announcement is a reversal from earlier in the week when the Internal Revenue Service said everyone would need to file some sort of tax return in order to qualify for the payments.

Edited March 13, 2021 by Randy W (see edit history)

[Randy W]

. . . and now - from the WaPo

IRS is launching a new online tool for people to track their $1,200 tax stimulus payments

Quote

By April 17, the agency plans to launch “Get My Payment,” which will provide people with a status of their payment, how it will be sent — direct deposit or mailed check — and the date the money will be mailed or scheduled to be deposited into their bank account. The tool will be much like the current “Where’s My Refund,” which allows taxpayers to track their federal refund.

 

An additional feature on “Get My Payment” will allow taxpayers to provide their bank account information so they can receive their payment faster than a paper check. If a payment has already been scheduled, you can’t use this feature, the IRS said.

The article also talks about how to enter information for 2018/2019 for non-filers.

Edited March 13, 2021 by Randy W (see edit history)

[Randy W]

Current IRS info may be found here - https://www.irs.gov/coronavirus/economic-impact-payments

or go to their home page https://www.irs.gov/

Edited March 13, 2021 by Randy W (see edit history)

[Randy W]

IRS' Get My Payment site now operational

[Martin B]

We owed federal tax in 2019. I assumed they could deposit into the account they debited after I filed, but apparently not. I had to give them my checking account info - hopefully they'll get it out in a timely manner.

We feel incredibly fortunate , in that we came in just under the AGI limits to get the full payment, and my job is relatively secure (makes me question their thought process on this one...)

We'll probably save 50% of the amount, spend 25% at local restaurants, breweries, the local liquor store, etc. over the next few months, and donate the last 25%.

Edited March 13, 2021 by Randy W (see edit history)

[Randy W]

In case you're getting this (I am, whether I enter real or bogus data)

Edited March 13, 2021 by Randy W (see edit history)

[Randy W]

Just now got eligibility confirmation and was able to enter my direct deposit information.

[Allon]

On 4/18/2020 at 12:43 PM, Randy W said:

In case you're getting this (I am, whether I enter real or bogus data)

I know I show my age but I do know modern computer science. I am continually amazed at reports about "antiquated " technology, i.e. Cobol, but cannot seem to explain why modern technology cannot process the same amount of data faster and more reliably.

Edited March 13, 2021 by Randy W (see edit history)

[eseum]

So I received stimulus payments totaling $2400 dollars through direct deposit several weeks ago. I collected my mail this morning and noticed a letter from the IRS. I assumed the worst, that it was a letter telling me they wanted to audit my tax return. I reluctantly opened the letter, and low and behold, it said that the IRS was in the process of delivering the stimulus checks. Many days late, but at least not a dollar short. I'm pretty sure that every ones payments could have been a little bigger if time and money hadn't been wasted sending out these letters.

[Randy W]

We just got our stimulus check today, even though it's 3AM US time on the date (May 6) they had projected.

The amount was for two ($2400), even though Jiaying's green card is expired.

Edited March 13, 2021 by Randy W (see edit history)

[Randy W]

IRS sets deadline for relief payment by direct deposit - ABC News

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The IRS said Monday that people should use the “ Get My Payment " tool on the IRS website by noon on Wednesday to provide their direct deposit information.

After that time, the agency will begin preparing millions of files to send to Bureau of Financial Services for paper checks that will begin arriving through late May and into June. The government cannot provide direct deposit once the process of sending a paper check has commenced.

Edited March 13, 2021 by Randy W (see edit history)

[Randy W]

For the second round . . .

Congress Passes Covid-19 Relief, Spending Package With Overwhelming Support

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So-called mixed-status households—where some members have Social Security numbers but others don’t—would be eligible for partial payments, unlike the first round, when they were excluded. This change is retroactive, so these households can claim an amount for the first payment as part of their 2020 tax returns.

Look for the 2020 returns to correct any amount that you should have been entitled to, but didn't receive.

[danb]

I heard not quite "overwhelming support".  Trumph said he didn't like this and that about the bill.  He said that $600 dollars wasn't enought.  He indicated that he wasn't gonna sign the bill.  Read that he  left today for Key Largo for Christmas,  Should make a sad Christmas for too many people.  very sad Danb

[Martin B]

Disappointing. While I wasn't a huge fan of Trump by any means, I wasn't probably as critical of his pre-Covid policies as others. But March 2020 and onwards, and especially these last 6 weeks or so since the election, have been a flaming dumpster fire. I'm starting to feel a bit nervous about Jan 20, 2021...