Stimulus direct deposit, checks and EIP cards.

[PatrickA5]

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.

I read somewhere that yes they will use the same account that was used to direct debit a payment for taxes from.

 

[harley]

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 ?

Procrastinators Club for the win! Those of us who haven't filed for 2019 yet will have our 2018 returns used to determine eligibility. Last year I had a lot of income, plus CG from a house sale and a small Roth conversion. But I haven't told the gov't about it yet, so they'll use our much smaller 2018 return and we'll get some free money to give away.

 

[iloveyoga]

Procrastinators Club for the win! Those of us who haven't filed for 2019 yet will have our 2018 returns used to determine eligibility. Last year I had a lot of income, plus CG from a house sale and a small Roth conversion. But I haven't told the gov't about it yet, so they'll use our much smaller 2018 return and we'll get some free money to give away.

I thought there was some kind of true up process that looked at your 2019 tax return also?

 

[Cobra9777]

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.

...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.

I read somewhere that yes they will use the same account that was used to direct debit a payment for taxes from.

We always owe money with our return, including 2018 (haven't filed 2019 yet). So there was no bank info on the 2018 return to facilitate direct deposit of a refund.

But we paid the amount due with the 2018 return electronically using our bank info in Turbo Tax. And we pay every quarter using EFTPS. So the IRS very clearly has our bank info in their systems.

But everything I've read says the direct deposits will go to people who were due a refund in 2019 or 2018 and provided bank info on the return to facilitate direct deposit of the refund. According to the TurboTax coronavirus webpage....

If you had a balance due, or if you opted to receive your refund by mail, the IRS will mail your stimulus check to the address on your return.

[bold is mine] If someone has a link with information to the contrary, please post.

 

[harllee]

If a person is receiving SS payment by direct deposit will the government use the SS direct deposit info for the stimulus payment?

 

[jollystomper]

If a person is receiving SS payment by direct deposit will the government use the SS direct deposit info for the stimulus payment?

From the House Ways and Means Committee document:

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.)

 

[CardsFan]

We always owe money with our return, including 2018 (haven't filed 2019 yet). So there was no bank info on the 2018 return to facilitate direct deposit of a refund.

But we paid the amount due with the 2018 return electronically using our bank info in Turbo Tax. And we pay every quarter using EFTPS. So the IRS very clearly has our bank info in their systems.

But everything I've read says the direct deposits will go to people who were due a refund in 2019 or 2018 and provided bank info on the return to facilitate direct deposit of the refund. According to the TurboTax coronavirus webpage....



[bold is mine] If someone has a link with information to the contrary, please post.

Sounds like we are both in the same boat. The IRS HAS our bank info, but it is not on a return.

I read your link to Turbotax, and did a little more searching. I am pretty sure we are destined for snail mail, though I will look at the new web-site that will be in action sometime next week.

We don't need the money, just want to make sure someone else doesn't get it by fraud or theft.

 

[audreyh1]

DF has always paid any taxes owed by check, although he receives his SS via direct deposit. We had already filed his 2019 taxes. I’m a bit confused as to how he will receive his payment.

From the House Ways and Means Committee document:

That appears to only apply to SS recipients who do not file income tax returns.

The earlier quote:

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.

So, DF did file taxes for both 2018 and 2019 but did not include direct deposit information, yet does receive SS via direct deposit.

Seems like he’s excluded from direct deposit?

 

[cathy63]

Sounds like we are both in the same boat. The IRS HAS our bank info, but it is not on a return.

I read your link to Turbotax, and did a little more searching. I am pretty sure we are destined for snail mail, though I will look at the new web-site that will be in action sometime next week.

We don't need the money, just want to make sure someone else doesn't get it by fraud or theft.

We are in the situation of having had a refund in 2018 (due to getting most of our ACA premiums back) but having owed a bit in 2019. So the IRS does have our bank account info on our 2018 return, but they're not supposed to look at it if they already have our 2019 return. I guess that means we are expecting a paper check as well. Oh well, we're not in any rush for the money.

 

[Cobra9777]

Sounds like we are both in the same boat. The IRS HAS our bank info, but it is not on a return.

I read your link to Turbotax, and did a little more searching. I am pretty sure we are destined for snail mail, though I will look at the new web-site that will be in action sometime next week.

We don't need the money, just want to make sure someone else doesn't get it by fraud or theft.

Exactly. I can easily envision millions of hackers/thieves/bots bombarding this new IRS portal next week and entering their own bank info to receive other people's stimulus payment. My SS# has been "in the wild" for years now. I'm guessing they will have to answer a few other security questions like "which of the following cars did you own in the last 5 years," which of course is readily available on websites like mylife.com. Random guesses will yield some success. So the sooner the better.

 

[jollystomper]

DF has always paid any taxes owed by check, although he receives his SS via direct deposit. We had already filed his 2019 taxes. I’m a bit confused as to how he will receive his payment.


That appears to only apply to SS recipients who do not file income tax returns.

The earlier quote:
So, DF did file taxes for both 2018 and 2019 but did not include direct deposit information, yet does receive SS via direct deposit.

Seems like he’s excluded from direct deposit?

That is correct in how I read it. The priority is taxpayers before non-taxpayers, and whatever method the taxpayer used will be the distribution path.

 

[harley]

I thought there was some kind of true up process that looked at your 2019 tax return also?

Hadn't seen that. I'll have to check it out. Thanks.

 

[ER Eddie]

Where mah check? Where's my money that I didn't earn and don't need? Where mah check!!

 

[audreyh1]

That is correct in how I read it. The priority is taxpayers before non-taxpayers, and whatever method the taxpayer used will be the distribution path.

The IRS.gov language is this:

Social Security and Railroad Retirement recipients who are not typically required to file a tax return need to take no action. The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate Economic Impact Payments of $1,200 to these individuals even if they did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits. Social Security Disability Insurance (SSDI) recipients are also part of this group who don't need to take action.

Which leads me to believe DF will get his payment by direct deposit since he already receives SS benefits by direct deposit.

 

[gerntz]

- Do green card holders get them?
- Folks here on a temporary visa?

 

[jj]

- Do green card holders get them?

Green card holders usually have SS numbers and pay taxes in the same way as citizens - so, yes, if they would otherwise qualify.

- Folks here on a temporary visa?

Unless these people have SS numbers - no, I don't think so. Some visa types do allocate SS numbers to the worker, but not their spouse or dependents.

 

[skipro33]

Well, I figure they got my banking info;
Paid electronically in 2018, although in 2019 I was owed a whole whopping one dollar. Which I then applied to 2020 taxes.



Now where's MY money?!

 

[harllee]

On Bogleheads Forum some people are saying they have already received the stimulus money via direct deposit to their bank accounts. Any one here got it yet? Not me!

 

[Dtail]

On Bogleheads Forum some people are saying they have already received the stimulus money via direct deposit to their bank accounts. Any one here got it yet? Not me!

I have direct deposit and just checked and not me either.

 

[Aerides]

- Do green card holders get them?
- Folks here on a temporary visa?

Yes, legal residents, taxpayers, tax filers, etc. "temporary" visa might probably does not apply to student/tourist ones, but workers, those who live here and file and pay taxes, yes.

And I don't know how things always work these days, but for those interested: If one enters the US on a work visa, it can then take a few years after applying to actually get a green card.

Then, after you obtain Permanent Residency via a Green Card, you are not eligible to apply for citizenship for an additional 5 years. So my dad, for example, was a US Taxpayer for almost 10 years before he could even pay the fee to apply to become a citizen.

 

[Chuckanut]

DF has always paid any taxes owed by check, although he receives his SS via direct deposit. We had already filed his 2019 taxes. I’m a bit confused as to how he will receive his payment.

If nothing else, he will get his money via a tax credit on his 2020 return.

 

[harllee]

DH and I think we will get $2,400 of stimulus money sooner or later. We are making plans for it--we pan to give half to local charities to feed the hungry and the other half to a family member who has been laid off and has not been able to get through to file an unemployment claim either online or by phone.

What do others on thus Forum plan to do with their stimulus money?

 

[NYEXPAT]

Yes, legal residents, taxpayers, tax filers, etc. "temporary" visa might probably does not apply to student/tourist ones, but workers, those who live here and file and pay taxes, yes.

And I don't know how things always work these days, but for those interested: If one enters the US on a work visa, it can then take a few years after applying to actually get a green card.

Then, after you obtain Permanent Residency via a Green Card, you are not eligible to apply for citizenship for an additional 5 years. So my dad, for example, was a US Taxpayer for almost 10 years before he could even pay the fee to apply to become a citizen.

Those of us who live overseas and collect Social Security will have our stimulus payments direct deposited into our overseas bank accounts same as our SS direct deposits. Many of us have young children (US citizens born abroad) and will need to go to the IRS.gov website to register them for their $500.00 payments!

 

[jazz4cash]

DD just got text from NFCU notifying her that her refund or stimulus direct deposit is scheduled for 4/15. It’s Easter Sunday and she hasn’t filed yet so it’s not a refund.

 

[Walt34]

What do others on thus Forum plan to do with their stimulus money?

I plan to spend it on wine, women, and song. Unless my wife has a better idea.