Economic Impact Stimulus Payments

[danb]

There will be too many American waking up to a bleak and uncertain Christmas morning.  I not sure how good the proposed bills were. But atleast they were something.  Recently Trumph didn't seem to have much to do with these bills until the last minute.  Congress has drag their feet for how long? 6 months.  So on Christmas day all the politicians will all be home in their cozy home.  With probably not a care for the too many suffering poor Americans whose life is not looking too cozy o their Christmas day.

Sad!!  Danb

 

PS, sorry I will get off my soapbox. 

[Randy W]

Check your bank accounts this morning - Jan. 1

[danb]

I read that people have started to see the original stimulis money.  I am happy for those people are getting that money.  But I think it is a bit sad for the delay that all American had to go through to start getting the money.  For the millions of American of people who really needed the money, Christmas sadly came late.  OK , I will get off my soap box.  Danb

 

[Martin B]

It was too little too late. Half the local restaurants and other small businesses in my area were decimated. It's going to be a long road to economic recovery and that's assuming we can get the virus under control, which is still a very large unknown. The one thing keeping the US economy afloat is the large % of tech, pharma, med device, and financials that make up the GDP and relatively low % of the GDP being tourism. Places like Thailand where tourism is 10%+ of their GDP have taken an enormous economic hit.

I've tried to give the federal government the benefit of the doubt but they really, really dropped the ball on this, from the original "you don't need to wear a mask" advice in March, to the half-hearted lockdowns, to the PPE shortages, the lack of financial support for businesses, and now the very slow vaccine rollout.

From what I'm hearing/seeing at various banks, stimulus deposits should start clearing January 4. We will didn't get ours yet although we were in one of the later groups in the first round.

[Randy W]

Our checks were at the bank Jan 1 morning CST. The meme on Facebook seems to be, "You too can sponsor a family in America for as little as $1.62 a day."

Edited January 3, 2021 by Randy W (see edit history)

[Martin B]

Woke up to a nice $1,800 deposit as did many others from what I can see on the finance forums I belong to. Stepdaughter wasn't on the 2019 tax return so we didn't get anything for her but we're still incredibly thankful they are going off the 2019 returns, as we sold parts of some of our businesses in 2020 and incurred massive capital gains. We almost certainly wont be eligible for any stimulus once they start going off of the 2020 returns. 

[eseum]

According to the IRS website, the stimulus payments for my wife and I were being mailed out on the sixth. It also stated that they were sending a letter to us concerning the payment coming by mail. Not sure why there is a need for a letter, but maybe they are trying to provide stimulus to the Postal Service /s.

Don't know why this round was not just direct deposited to our bank, since that's what occurred with the $1200 round. No changes on our end but I guess as long as we get them it doesn't really matter.

[eseum]

Received the stimulus payment in the mail late yesterday, so 14 days from mail date. Saw where they are saying in some cases it will take four weeks from date of mailing to receipt. I did not receive a check, but got the debit card instead. I will be transferring the whole amount into my checking account to avoid user fees eating up the amount received. It is obvious to me that someone in the banking industry got a sweetheart deal on administering debit cards. I believe this is the real reason more cards are going out this time around, and obviously why there was no direct deposit in my case.

[Martin B]

2 hours ago, eseum said:

Received the stimulus payment in the mail late yesterday, so 14 days from mail date. Saw where they are saying in some cases it will take four weeks from date of mailing to receipt. I did not receive a check, but got the debit card instead. I will be transferring the whole amount into my checking account to avoid user fees eating up the amount received. It is obvious to me that someone in the banking industry got a sweetheart deal on administering debit cards. I believe this is the real reason more cards are going out this time around, and obviously why there was no direct deposit in my case.

Why on earth would they send a preloaded debit card to someone instead of a check? Especially to someone that has any banking info on file with the IRS.... Sounds like a PITA.

[Randy W]

You can track your payment and where it's going on the IRS'  Get My Payment site. I had to watch that pretty closely, since I had not received a refund and my mailing address had changed - my forwarding service had moved its office with no forwarding.

[eseum]

I made a visit to my local bank branch and was able to transfer the entire amount from the debit card into my checking account. It took about 20 minutes to get it done. There was a slight hiccup during the process and they had to start over. I had originally planned on doing the transfer online but had read where a few people had encountered problems doing it that way.

I would like to get my taxes filed before anther round of stimulus is approved. My thinking is that way my bank account # should make for direct deposit instead of another debit card. Of course who knows if and when another round of stimulus will take place.

[eseum]

HaHa! So I finally received a letter (see my 1/10 post) from the IRS concerning the most recent stimulus payment this past Friday.  Yep, only 24 days after I had already deposited it into my bank. The letter stated that my payment had been sent out, and that if I didn't receive it within 7 days from receipt of the letter, I should file it as missing. 

I have already filed my 2020 tax return. I am hoping that since I did so, when there is another stimulus payment, payment will end up directly in my bank account instead of getting another debit card. I know, color me hopeful to say the least. I am trying to be a little less of a nattering nabob of negativity, since there is new leadership in the country.

[Randy W]

from CNBC

You will be able to track your third stimulus payment—here's how

Quote

Like the other two stimulus payments, you can track the status of yours using the IRS's Get My Payment tool. However, the tool is not available yet for the American Rescue Plan (ARP) payments, as the IRS needs time to review the law's tax provisions. Treasury officials said Friday evening the tool would be available starting Monday, March 15.

the IRS's Get My Payment tool

 

Quote

 

2021 Economic Impact Payment Coming Soon

Check back soon for information on the 2021 Economic Impact Payment.

We’re reviewing the tax provisions of the American Rescue Plan Act of 2021, signed into law on March 11, 2021.

For the latest updates, check IRS.gov/coronavirus.

 

 . . . but you might just check your bank account in the meantime

Quote

The Treasury Department said on Friday that stimulus payments would begin arriving in bank accounts by direct deposit this weekend as the Biden administration tries to get much-needed money to struggling families.

 

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

[eseum]

There was a online story this morning with the following quote: "A spokesperson for Current told CNBC Make It that the bank started receiving the third round of payments just before noon on Friday. The bank began crediting the payments to customers’ accounts right away, making the funds fully available, they said, and estimating that they have credited around 25% of Current’s eligible account holders already."

Good news for everyone. Now I'm just hoping that mine comes as direct deposit this time instead of as a debit card!

[Martin B]

On 3/1/2021 at 2:08 PM, eseum said:

HaHa! So I finally received a letter (see my 1/10 post) from the IRS concerning the most recent stimulus payment this past Friday.  Yep, only 24 days after I had already deposited it into my bank. The letter stated that my payment had been sent out, and that if I didn't receive it within 7 days from receipt of the letter, I should file it as missing. 

I have already filed my 2020 tax return. I am hoping that since I did so, when there is another stimulus payment, payment will end up directly in my bank account instead of getting another debit card. I know, color me hopeful to say the least. I am trying to be a little less of a nattering nabob of negativity, since there is new leadership in the country.

On USPS informed delivery I saw something from the IRS was being delivered which ruined my mood this morning. It was the same letter you got - despite the money being deposited our account months ago.