Stimulus direct deposit, checks and EIP cards.

[JPatrick]

But, I did find 1200 mis-matched socks in my dryer.

I could use one white, ankle high, size 13 if you have an extra.

 

[Freedom56]

The only stimulus we will benefit from is the government bond buying program. Other than that, we have a big tax bill due now July 15th.

 

[sheldon cornped]

As Molly said, several on the Boglehead forum have received their funds today. Most said the payment was pending and payable on April 15th.

 

[Jerry1]

I just filed my 2019 return a few days ago. My 2018 income would be to high, but my 2019 is much lower and would qualify. Not sure how quickly they will react to the filing of 2019. I'm guessing at the end of the line but before hard copy checks since I did have routing number on my return.

 

[RetireBy90]

We did a big Roth conversion last year, if they use AGI that includes that then we will be over the limit for a check. However, if they use 2018 we should be within the limits. Anyone have a link to how they will determine income levels ?

 

[PatrickA5]

We did a big Roth conversion last year, if they use AGI that includes that then we will be over the limit for a check. However, if they use 2018 we should be within the limits. Anyone have a link to how they will determine income levels ?

Don't have a link, but pretty sure they will use 2019 income. We also did large Roth conversions. If you're under the limit next year, you should get the credit on your 2020 taxes.

 

[REWahoo]

IRS to launch "Get My Payment" website by April 17 (behind paywall?)

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.

 

[CardsFan]

Does anyone know if the transfer will happen automatically if you PAID taxes with a transfer from a checking account (as opposed to getting a refund that way)?

We normally owe, and for the last 2 years we have transferred money to the feds this way.

Just curious. Everything I read is about refunds paid by transfer.

 

[eytonxav]

Got our $1100 today.
Not low AGI.
Straight into savings in case they ask for it back.

Nothing yet for us. They might be doing this alphabetically or by some sequence of SS#s.

 

[54andchange]

Does anyone know if the transfer will happen automatically if you PAID taxes with a transfer from a checking account (as opposed to getting a refund that way)?

We normally owe, and for the last 2 years we have transferred money to the feds this way.

Just curious. Everything I read is about refunds paid by transfer.

Isn't it amazing with all the many articles and threads on this subject out there in the world not a single one has posed this question? Starting to believe those stories about people not even having $400 for an emergency.

My answer was to sign up via eftps.gov three weeks ago, just in case. They will snail mail you a PIN number, and will then officially have your bank info on file.

 

[RetireBy90]

Isn't it amazing with all the many articles and threads on this subject out there in the world not a single one has posed this question? Starting to believe those stories about people not even having $400 for an emergency.

Isn’t it amazing that there is all the talk about not helping Airlines and other companies that spent dollars to buy back stock over the past few years but I haven’t heard one comment about why the large number of people that don’t have the $400 for an emergency haven’t saved even $5 per week ? Are there that many people that can’t put a dollar a day in a jar for emergency ?

 

[SecondCor521]

We did a big Roth conversion last year, if they use AGI that includes that then we will be over the limit for a check. However, if they use 2018 we should be within the limits. Anyone have a link to how they will determine income levels ?

It's based on AGI, which is line 8b on the 2019 1040.

If you've filed 2019, they'll use that. If you haven't filed 2019 but have filed 2018, they'll use that.

If you don't qualify for the stimulus direct deposit based on 2019 or 2018, you may still qualify based on your 2020 AGI and can get the tax credit on your 2020 tax return.

 

[retiredunder50]

Stimulus Checks for Up to $4,700 Begin Arriving in Bank Accounts




https://www.newsweek.com/coronavirus-stimulus-payments-1200-check-1497401

 

[jollystomper]

Nothing yet for us. They might be doing this alphabetically or by some sequence of SS#s.

Here is a PDF file document from the House Ways and Means Committee that describes (as of April 2nd, anyway), the sequence and frequency of distribution):

https://waysandmeans.house.gov/site.../documents/Rebate Payment Timeline 4-2-20.pdf

As of today, the latest estimated timing from the IRS on economic impact checks is as follows:

The IRS will make about 60 million payments to Americans through direct deposit in mid-April (likely, the week of April 13th). The IRS has direct deposit information for these individuals from their 2018 or 2019 tax returns. This will include SSA beneficiaries who filed federal tax returns that included direct deposit information.

Shortly (hopefully within 10 days) after the first round of payments are made in mid-April, the IRS plans to make a second run of payments. These payments will be made to SS beneficiaries who did not file tax returns in 2018 or 2019 and receive their Social Security benefits via direct deposit. (The estimates are that nearly 99 percent of SS beneficiaries who do not file a return receive their SS benefits through direct deposit.)

About 3 weeks after the first round of payments are made (the week of May 4th), the IRS will begin issuing paper checks to individuals.
The paper checks will be issued at a rate of about 5 million per week, which could take up to 20 weeks to get all the checks out.

The checks will be issued in reverse “adjusted gross income” order—starting with people with the lowest income first.

 

[youbet]

Does anyone know if those folks not receiving any help will be notified of their ineligibility? Or is it likely to be a case of just assuming if you don't receive anything, you weren't eligible?

 

[cathy63]

Does anyone know if those folks not receiving any help will be notified of their ineligibility? Or is it likely to be a case of just assuming if you don't receive anything, you weren't eligible?

It seems very unlikely that they'll notify you if you're not eligible. The law does not require that. They are launching a website next week where you can check on the status of your rebate, so hopefully you'll be able to use that to figure out if you're not getting one.

 

[youbet]

Thanks cathy63.

It appears we won't receive anything as our 2018 AMT exceeded the top of the eligibility range and we haven't filed our 2019 return yet. But it would still be nice to eventually get something, similar to the annual IRMAA statement, that tells you the numbers they used to make their determination.

With no RMD requirement in 2020, it's likely we'll qualify for something when filing our 2020 takes in 2021 and I'd like to know for sure that the number they picked up for 2018 is the same as what I think it is.

Thanks for the heads-up on the web page coming next week!

 

[youbet]

It's based on AGI, which is line 8b on the 2019 1040.

If you've filed 2019, they'll use that. If you haven't filed 2019 but have filed 2018, they'll use that.

If you don't qualify for the stimulus direct deposit based on 2019 or 2018, you may still qualify based on your 2020 AGI and can get the tax credit on your 2020 tax return.

Do I understand this correctly?

Since I haven't filed our 2019 taxes, they'll use our 2018 AMT for this round?

If my 2020 (RMD-free ) taxes qualify, I can get a credit when I file those in 2021?

That would mean my 2019 AMT is never used?

 

[Brat]

I am curious about how the income levels are calculated. DD earns well above the individual limit, SIL has earnings but well under. Together they are above. They live in a community property state. Will their income be tested separately? They have two children under the age of 16. Will they receive $ for them.

 

[Dtail]

On a semi related note, I filed my return on 02/27. It was a fairly simple return with a 1,603 refund.
Still waiting for it.

 

[USGrant1962]

I am curious about how the income levels are calculated. DD earns well above the individual limit, SIL has earnings but well under. Together they are above. They live in a community property state. Will their income be tested separately? They have two children. Will they receive $ for them.

It just depends on how they filed Federal taxes - state is irrelevant. Did they Federal file jointly or separately?

 

[gear2th]

Mine is showing as pending, labelled [FONT=&quot]"IRS TREAS 310 - TAX REF", and is consistent with my 2019 AGI, which was fortunately somewhat less than my 2018 AGI.[/FONT]

 

[Brat]

It just depends on how they filed Federal taxes - state is irrelevant. Did they Federal file jointly or separately?

Jointly I am sure.

 

[SecondCor521]

Do I understand this correctly?

Since I haven't filed our 2019 taxes, they'll use our 2018 AMT for this round?

If my 2020 (RMD-free ) taxes qualify, I can get a credit when I file those in 2021?

That would mean my 2019 AMT is never used?

If you hold off on filing your 2019 taxes, then yes, they will look at your 2018 AGI (not AMT) to determine whether and how much of a stimulus direct deposit to pay you.

If your 2020 AGI is lower than your 2018 AGI, then you'll get the difference as a tax credit on your 2020 tax return when you file those about a year from now.

And yes, if you wait long enough to file your 2019 tax return, then your 2019 AGI (not AMT) will not be used.

 

[SecondCor521]

I am curious about how the income levels are calculated. DD earns well above the individual limit, SIL has earnings but well under. Together they are above. They live in a community property state. Will their income be tested separately? They have two children under the age of 16. Will they receive $ for them.

It will be based on their 2019 AGI on line 8b of their 1040.

Assuming they filed MFJ in 2019 and had two kids under 17 at the end of 2019, then they would get $2400 for MFJ plus $500 for each of the two kids for a total of $3400. That $3400 would then be reduced by 5% of the extent to which their AGI exceeds $150K. So if their AGI was $180K, then they'd lose 5% of $30K or $1500. So they'd get $3400 - $1500 = $1900.

ETA: The above also assumes that they claim the two kids as their dependents, which is usually the case.