Stimulus direct deposit, checks and EIP cards.

[PatrickA5]

Quote:

Originally Posted by Gumby Just a wild guess, but are you putting the city, state and zip in the address block? You should NOT. Just put in the street address. When I first tried the site, I got rejected with the same message for just that reason.

It's really finicky. On my tax return my street address has "West". It wouldn't work when I put that in. But, when I put "W.", it worked. But, it wouldn't work if I put the "." behind AVE. Weird.

[Ronstar]

Quote:

Originally Posted by pb4uski How long did it take? I provided my bank information around April 15th and I've been checking the "Get My Payment" website every couple days and have got the same message for almost two weeks.

When I finally got in to the website, I did not get the same unknown payment date response that you did. My successful response (I think on maybe 4/18) from the website gave a payment date of 4/22. And that is when it came in to my account.

[Murf2]

Hey folks, thanks for all the help! I just got in. It was the address that was holding me up. The address on our tax form & the way it is usually written is on “Mt Calvary” the IRS wanted to see “mount calvary.
They wanted bank info. I think because our bank changed hands & now has a different routing number. I’m not sure though, they didn’t seem to have any trouble taking the money out of our account. [emoji16]

Thanks again for all the help!
Murf

[frank]

finally got the site to say that it has accepted my application and it would be deposited to the account that I speccified. what site do you go to get the status of the money you have coming?

[harllee]

Murf2 I would try with a laptop or i pad or something. We had trouble using our phone but got a laptop to work. So you actually got the 2019 refund deposited directly to your checking account? Are you getting to the second page where they ask for you checking account info or is it stopping you on the first page?

[harllee]

Quote:

Originally Posted by harllee Murf2 I would try with a laptop or i pad or something. We had trouble using our phone but got a laptop to work. So you actually got the 2019 refund deposited directly to your checking account? Are you getting to the second page where they ask for you checking account info or is it stopping you on the first page?

Never mind Murf I see you got in

[sergio]

The site finally updated to say we will get a direct deposit this week... Until the money hits my bank account I'm still treating the money as though it doesn't exist.

On a related note, last year our AGI was <$150k so we'll get a stimulus payment this year. Our AGI will be >$200k this year if we sell our company. I understand I don't need to give pay whatever I receive this year. But this year we have an additional dependent that we didn't have in 2019. Is there a way to get the $500 this year?

[Cobra9777]

We were getting the "Payment Status Not Available" error message until a couple days ago when we were finally able to enter our bank info. So our status still says:

Quote:

Payment Status You are eligible for the payment. Once we have your payment date, we will update this page. We will deposit your payment to the bank account below. Bank Account Number: ************XXXX

DMIL had the zero refund issue, but as of yesterday, I was still getting the error message that said, "your information does not match our records." I tried again today and now this is her status:

Quote:

Payment Status We scheduled your check to be mailed on May 01, 2020 to the address we have on file for you. We will mail you a letter with additional information on this payment. If you need additional help or do not receive your payment, please visit our Frequently Asked Questions page.

So I guess I'm now done with this exercise. DMIL should get her check in about a week or so. And we should get the direct deposit in about two weeks, judging from what's been posted here.

[cathy63]

Quote:

Originally Posted by sergio The site finally updated to say we will get a direct deposit this week... Until the money hits my bank account I'm still treating the money as though it doesn't exist. On a related note, last year our AGI was <$150k so we'll get a stimulus payment this year. Our AGI will be >$200k this year if we sell our company. I understand I don't need to give pay whatever I receive this year. But this year we have an additional dependent that we didn't have in 2019. Is there a way to get the $500 this year?

No, you cannot get the $500 for gaining a new dependent under age 17 this year. If your 2020 AGI ends up below $160K, then you'll get part of it when you file next year. (If you have two children under 17, it's $170K; for three it's $180K; etc.)

[SecondCor521]

Quote:

Originally Posted by cathy63 No, you cannot get the $500 for gaining a new dependent under age 17 this year. If your 2020 AGI ends up below $160K, then you'll get part of it when you file next year. (If you have two children under 17, it's $170K; for three it's $180K; etc.)

I think it works a little bit differently than the above.

The stimulus tax credit for MFJ is $2400. Then in this case, you add $500 for the dependent, which gets you to $2900.

For MFJ, there is a 5% phaseout of the stimulus tax credit starting at $150K AGI. So in this case, it ends at $150K + ($2900 / 5%) = $208K.

I had given similar inaccurate advice to someone else on another board. I got challenged/corrected, and so I went and read the text of the final bill. The above is my understanding of how the law is written.

This is something that is frequently not accurately nor carefully explained in news articles in the popular press.

@sergio, I think the best you can do is calculate the credit based on your 2020 situation with the higher AGI and the dependent, then claim any increase of that number over whatever stimulus check you received this year. There will be a line on the tax forms next year for this calculation. The government doesn't care what combination of AGI and dependents leads to the credit between 2019 and 2020; they just compare the overall number and give you whatever the math says is better.

[pb4uski]

Quote:

Originally Posted by UnrealizedPotential I also gave my bank information on 4/15. I checked today and am scheduled to receive my direct deposit on 4/30.

+1

Quote:

Payment Status We scheduled your payment to be deposited on April 30, 2020 to the bank account below. Bank Account Number: ************6666 If you don't see your payment credited to your account, check with your bank to verify they received it. We will mail you a letter with additional information on this payment. If you need additional help or do not receive your payment, please visit our Frequently Asked Questions page.

[cathy63]

Quote:

Originally Posted by SecondCor521 I think it works a little bit differently than the above. The stimulus tax credit for MFJ is $2400. Then in this case, you add $500 for the dependent, which gets you to $2900. For MFJ, there is a 5% phaseout of the stimulus tax credit starting at $150K AGI. So in this case, it ends at $150K + ($2900 / 5%) = $208K. I had given similar inaccurate advice to someone else on another board. I got challenged/corrected, and so I went and read the text of the final bill. The above is my understanding of how the law is written. This is something that is frequently not accurately nor carefully explained in news articles in the popular press. @sergio, I think the best you can do is calculate the credit based on your 2020 situation with the higher AGI and the dependent, then claim any increase of that number over whatever stimulus check you received this year. There will be a line on the tax forms next year for this calculation. The government doesn't care what combination of AGI and dependents leads to the credit between 2019 and 2020; they just compare the overall number and give you whatever the math says is better.

Yes, you are correct if you assume that they don't get any advance on the credit before filing for 2020. But sergio said they will get $2400 this year, so they will have to subtract that from whatever remains after they do the final calc on their 2020 return.

For example, suppose that when they do their 2020 tax return, their AGI is $200K exactly and they now have one child that they are claiming for the first time. They are entitled to a credit of $2900 - .05*($200K-$150K) = $400 on their 2020 return. But they will have already gotten $2400 advanced against that amount, so they were overpaid by $2000 and although they will not have to pay that back, they also will not get anything more on their 2020 return.

On the other hand, if their AGI is $155K in 2020, then they are entitled to a credit of $2900 - .05*($155K - $150K) = $2650. Subtract the $2400 they receive in advance and they get $250 for the dependent. That amount goes to $0 once they hit $160K.

[fisemper]

After 3 weeks I finally have a payment date of 30 April! WOO!

[SecondCor521]

Quote:

Originally Posted by cathy63 Yes, you are correct if you assume that they don't get any advance on the credit before filing for 2020. But sergio said they will get $2400 this year, so they will have to subtract that from whatever remains after they do the final calc on their 2020 return. For example, suppose that when they do their 2020 tax return, their AGI is $200K exactly and they now have one child that they are claiming for the first time. They are entitled to a credit of $2900 - .05*($200K-$150K) = $400 on their 2020 return. But they will have already gotten $2400 advanced against that amount, so they were overpaid by $2000 and although they will not have to pay that back, they also will not get anything more on their 2020 return. On the other hand, if their AGI is $155K in 2020, then they are entitled to a credit of $2900 - .05*($155K - $150K) = $2650. Subtract the $2400 they receive in advance and they get $250 for the dependent. That amount goes to $0 once they hit $160K.

Ah, I see what you were doing there; you were doing the phaseout math for sergio's specific case of MFJ receiving full stimulus advance, plus one new dependent in 2020. And you did the math correctly for that case.

I was concerned that others might construe your description to be a more general rule and might misapply it in their own situations which may differ from sergio's, so I was trying to state the more general rule. So, for example, someone who was MFJ in the phaseout range in 2019 and thus received a smaller than $2400 check, but did have a new dependent in 2020 like sergio, the top of their phaseout would be higher than the $160K number you calculated.

[Carol1862]

My daughter, who filed in mid Feb for a $263 refund still does not have it. Bank info is correct. When she checks online it constantly states “in progress, should take 2-3 weeks from when we receive it”. No updates, no other way to check.

No stimulus check. Message comes on “we can’t identify you”. I even tried it today for her and got the same message
Then locked out for 24 hours

[SecondCor521]

Quote:

Originally Posted by Carol1862 My daughter, who filed in mid Feb for a $263 refund still does not have it. Bank info is correct. When she checks online it constantly states “in progress, should take 2-3 weeks from when we receive it”. No updates, no other way to check. No stimulus check. Message comes on “we can’t identify you”. I even tried it today for her and got the same message Then locked out for 24 hours

Did she file on paper? It sounds like she did given the message you're describing mentioning several weeks.

My son filed on paper in late February and has not gotten his refund, although he did receive his stimulus payment on 4/15. It has shown in progress since end of March.

My guess is that the news reports that they've shut down IRS processing centers due to the current epidemic means that paper filers' refunds (like my son's) are in limbo.

(If she filed electronically and had a typical return then she should have received her federal refund about 10 days after filing.)

[jim584672]

It says they will mail the check on May 1, 2020.

https://www.irs.gov/coronavirus/get-my-payment

[fh2000]

Quote:

Originally Posted by jim584672 It says they will mail the check on May 1, 2020. https://www.irs.gov/coronavirus/get-my-payment

For those of us who filed 2019 on paper, we will have to wait for them to open the processing center later in the year. I am not sure if they will automatically verify for us and send us the check, or we will have to reconcile on our own via 2020 tax return, which means we will get our share in 2021.

[jim584672]

Quote:

Originally Posted by fh2000 For those of us who filed 2019 on paper, we will have to wait for them to open the processing center later in the year. I am not sure if they will automatically verify for us and send us the check, or we will have to reconcile on our own via 2020 tax return, which means we will get our share in 2021.

I didn't file my 2019 yet and it says May 1.

[cathy63]

Quote:

Originally Posted by jim584672 I didn't file my 2019 yet and it says May 1.

If you did not file for 2019 yet, they will use your 2018 return.