US Approved Corvid Stimulus Package- Where's The Money

[Joey G]

On 3/29/2020 at 6:59 PM, Old55 said:

$25 million extra for the House of Representative's salaries, [@ $55K/each] and 
 

Actually Congress did not get $25M for their salaries... the $25M is for salaries (of staff) and other expenses as a result of working the COVID-19 issue. Their actual salaries are handled in a whole different manner and come directly fro the Treasury, not appropriations.

Not that it matters :) But just to be fair.

Edited March 31, 2020 by Joey G
missed word

[Robi]

 

T

 

Edited April 1, 2020 by PotDog

[Billoncho]

I don't have direct deposit on my IRS forms, but I found this. Looks like I'll be able to add my banking info in a couple of weeks.
https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

[roddavis]

For those who have not filed your US 2018 or 2019 tax forms, and who qualify for the Stimulus checks, get your bank deposit info to the IRS for direct deposit: https://www.irs.gov/coronavirus/economic-impact-payments

And for those that did file 2018/2019 taxes and didn't get a refund to file your bank info for direct deposit,the program will be released next week so your stimulus check can be direct deposited!   

[Arizona Kid]

Logged in online this morning at my credit union bank account in the US. My stimulus check will be deposited into my account April 15. I receive social security monthly, and file taxes every year for my my military pension.  More beer when the ban is lifted! 

[OnMyWay]

On 4/11/2020 at 9:28 AM, roddavis said:

For those who have not filed your US 2018 or 2019 tax forms, and who qualify for the Stimulus checks, get your bank deposit info to the IRS for direct deposit: https://www.irs.gov/coronavirus/economic-impact-payments

And for those that did file 2018/2019 taxes and didn't get a refund to file your bank info for direct deposit,the program will be released next week so your stimulus check can be direct deposited!   

I'm a bit worried about mine getting delayed:

---  I have not had a tax refund since 2015.  I checked my recent returns and my bank info is not on the printed return.  However, my CPA says the bank info is transmitted to the IRS and they should have it, even though I did not have a refund.  I'm not very confident in that.

---  I use my Philippines address for my Federal tax return.  The last thing I want to happen is for them to mail a check to the Philippines.  I usually get notices from the IRS 4-6 weeks after they are mailed.  I don't no how much mail goes missing completely.  To complicate that, somehow my 2019 return had my old Philippine address on it, from 2015.  I did not catch this mistake by my CPA's office.

---  I am filing an address change with the IRS, but it is not related to the stimulus.  They say it takes 4-6 weeks.

---  I get my SS deposited in the same bank where I want to get the stimulus payment.  It is not really clear when they will look at SS info.  Also, SS has my Philippines address.

For those reasons, I am anxious for the link inside Rod's link to go live so I can use it.  "Get my payment (coming mid-April)".  I will be checking there often but if anyone notices it is live, can you post that info?

I finally opened a Travelling Mailbox account last week.  I will be changing everything to that address so I should no longer have to worry about the absolutely horrid postal service I have locally.

[Tommy T.]

1 hour ago, OnMyWay said:

I get my SS deposited in the same bank where I want to get the stimulus payment.  It is not really clear when they will look at SS info. 

That's your answer OMW.

I have read this in several places - anyone receiving SS benefits deposited automatically in a bank account will also automatically have the stimulus deposited into the same account. The process has already started according to a story I read today.

From MSNBC: https://www.msn.com/en-us/money/markets/americans-could-start-receiving-relief-money-next-week/ar-BB12l9LZ?li=BBnbfcN

Checks to arrive by April 15 for millions of taxpayers. A new portal where some can supply direct deposit information could be out next week.

© Getty

Much-awaited aid cash will begin flooding into millions of bank accounts next week in the first wave of payouts to shore up the nation's wallets.

Millions of taxpayers will begin receiving the extra money to pay rent, groceries and other bills next week, or possibly as early as Thursday or Friday, some say.

The first group – estimated to cover 50 million to 60 million Americans – would include people who have already given their bank account information to the Internal Revenue Service.

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The first group also would include Social Security beneficiaries who filed federal tax returns that included direct deposit information, according to an alert put out today by U.S. Rep. Debbie Dingell, D-Mich. Dingell's announcement said the expectation is that the first direct deposits would hit in mid-April, likely the week beginning April 13. 

But other sources say many bank accounts could see the money as soon as Thursday or Friday. 

Here's something you need to know: "For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If a taxpayer is unsure, they’re receiving a legitimate letter, the IRS urges taxpayers to visit IRS.gov first to protect against scam artists."

If you filed your 2019 tax return, for example, the IRS is going to use the same bank account information that you might have supplied for the direct deposit for your income tax refund. You'd want to check your account to verify whether the money has arrived. 

If you did not yet file a 2019 return, the IRS is using information from your 2018 tax filing to calculate the payment. And the money would be deposited directly into the same banking account reflected on the return.

Here's how much money families should expect from the federal stimulus package

The next wave of money could begin as early as the week of April 20 for a group of people who receive Social Security benefits via direct deposit but may not make enough money to be required to file a federal income tax return in 2018 or 2019. You will not need to file any extra forms to receive this money. 

"The estimates are that nearly 99% of Social Security beneficiaries who do not file a return receive their benefits through direct deposit," according to Dingell's alert.

Calculate how much you could get

Finally, the last wave of money would involve the mailing of actual checks at a later date. The paper checks themselves would be staggered over several weeks. 

The first paper checks are expected to go out to families who have the lowest incomes, possibly those who make less than $10,000 a year, but do not have direct deposit information on file with the IRS. 

The idea is to get money to those who need it the most but may be the least likely to have bank accounts. 

The first round of checks could be sent out sometime after April 24, according to experts, into the first week of May. Dingell's announcement said first group of checks are expected to be go out to families the week of May 4. 

But if you're stuck getting a check, experts say, you may need to wait into May, June and July – depending on how many physical checks the IRS actually ends up mailing.

Your best bet, if you have a bank account, is to make sure that the IRS has your bank account information for direct deposit. 

The Treasury Department is expected to launch a web-based portal system sometime late next week that would allow people to provide their own direct deposit information in order to speed the delivery of money and avoid the checks altogether. See www.irs.gov/coronavirus for updates and information on the portal. 

The goal is to make the process smoother so people can receive money more quickly by making sure that money goes directly into bank accounts.

Waiting around for a check could take months. And who's going to be watching your mailbox if you're battling the coronavirus in the hospital? 

Thieves who make stealing our money their business also would be watching mailboxes, then attempting to steal checks and later cash them via unreputable outfits.

How much money you get will depend on your adjusted gross income, based on information on your 2018 or 2019 tax return. 

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment.

The maximum is $1,200 for an adult – $2,400 for a married couple  – and $500 for children under age 17. 

Taxpayers would have an opportunity to reconcile some differences relating to payouts when they file the 2020 tax return in the 2021 filing season.

"You’ll get any additional money due to you then, but you won’t have to pay anything back if your payment was too high," according to Jackie Perlman, principal tax research analyst with H&R Block’s Tax Institute. 

The money is not taxable. 

"First and foremost, the payments will not be included in 2020 income. Any payment you receive is an advance payment of a credit that will appear on your 2020 income tax return," said Ken Milani, professor of accountancy at the Mendoza College of Business at the University of Notre Dame.

Milani gives this example: Say a single taxpayer with two children (both under 17) receives a check for $2,200 – which breaks down to $1,200 for the taxpayer plus another $1,000 for the children. 

When the taxpayer prepares a 2020 income tax return, a $2,200 credit appears on the Form 1040. Elsewhere on the return, the $2,200 advance payment of the credit will surface. 

The result is a "wash," he said. 

The final result, Milani said, is that the taxpayer receives $2,200 (non-taxable) to spend and the money is not returned to the IRS.

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.

Edited April 12, 2020 by Tommy T.

[OnMyWay]

3 minutes ago, Tommy T. said:

That's your answer OMW.

I have read this in several places - anyone receiving SS benefits deposited automatically in a bank account will also automatically have the stimulus deposited into the same account. The process has already started according to a story I read today.

I hope this is true but the way they lay it out on the IRS page is not exactly clear.  That is why I want to check that link ASAP after it goes live.

[Tommy T.]

 

5 minutes ago, OnMyWay said:

I hope this is true but the way they lay it out on the IRS page is not exactly clear.  That is why I want to check that link ASAP after it goes live.

Read my last post again - I just edited it and added source.

The story about payments already started was a different one from the one above.

 

Edited April 12, 2020 by Tommy T.

[OnMyWay]

7 minutes ago, Tommy T. said:

 

Read my last post again - I just edited it and added source.

The story about payments already started was a different one from the one above.

 

Yes, and that is the same information I have been reading.  My problem is, I don't really fit into any of those groups.

If you filed your 2019 tax return, for example, the IRS is going to use the same bank account information that you might have supplied for the direct deposit for your income tax refund. You'd want to check your account to verify whether the money has arrived. 

If you did not yet file a 2019 return, the IRS is using information from your 2018 tax filing to calculate the payment. And the money would be deposited directly into the same banking account reflected on the return.

I filed, but had no refund.

The next wave of money could begin as early as the week of April 20 for a group of people who receive Social Security benefits via direct deposit but may not make enough money to be required to file a federal income tax return in 2018 or 2019. You will not need to file any extra forms to receive this money. 

"The estimates are that nearly 99% of Social Security beneficiaries who do not file a return receive their benefits through direct deposit," according to Dingell's alert.

I filed, and I am not in that group.  That is why I said it is not clear.

My main worry is that they will look at my 2019 return, not find bank info, then mail a check.  That is why I am anxious for this to go live:

The Treasury Department is expected to launch a web-based portal system sometime late next week that would allow people to provide their own direct deposit information in order to speed the delivery of money and avoid the checks altogether. See www.irs.gov/coronavirus for updates and information on the portal.