Stimulus direct deposit, checks and EIP cards.

[gwraigty]

$1871.10 stimulus payment hit our account today.

 

[jj]

Our payment is showing pending in the bank account this morning. I input bank details on Friday, 17th April.

One shocking thing - DH's full social security number is shown in the payment reference (not XXX'd out except for the last 4 digits.)

Thank goodness we have moved to online statements.

 

[Rianne]

Ours posted this morning in pending. Nice, after I paid all CC bills.

 

[pb4uski]

True to the last response from the IRS website, our stimulus payment hit our bank account today.

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.

 

[jazz4cash]

Anyone planning to manipulate 2020 AGI to get the full stimulus ? I am (unless I choose to start SS early).

I’ll have to find a way to convert an IRA distribution into a rollover. Seems to be an issue for my credit union to take a check from me and treat it as a rollover.

 

[sergio]

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.

Thanks - it's not the end of the world if we don't get the $500. We are in the "lucky" group as our 2020 AGI may be much higher than our 2019 AGI due to a one-off capital gain, but we still got $2900 deposited this morning that we don't need to return... if the sale of our company falls through we'll claim the $500 next year, or simply change my withholding so that I pay $500 less federal tax this year.

 

[Just_Steve]

Payment cleared today $2400 from the IRS and I sent them $2100 so I have $300 to help stimulate the economy.

 

[pb4uski]

Nah... you were going to have to send them the $2100 either way so you're actually $2400 ahead.... -$2,100 vs +$300.

 

[Just_Steve]

Nah... you were going to have to send them the $2100 either way so you're actually $2400 ahead.... -$2,100 vs +$300.

Leave it to a bean counter to spoil a good story.

 

[foxfirev5]

Just got it today. DW already has plans. 14 cu yd of mulch for the main house and 12 tons of driveway gravel for the lakehouse. Labor supplied by me. No need for a gym membership and she has $$ left over for other things.

 

[PatrickA5]

Anyone planning to manipulate 2020 AGI to get the full stimulus ? I am (unless I choose to start SS early).

I’ll have to find a way to convert an IRA distribution into a rollover. Seems to be an issue for my credit union to take a check from me and treat it as a rollover.

IRS owes me another $460. You can be assured I will stay below the cutoff next year to get it!

 

[rdy4er]

IRS “get my payment” site showing paid on April 30, but not showing up in the bank. Anyone else have the same problem?

 

[donheff]

IRS “get my payment” site showing paid on April 30, but not showing up in the bank. Anyone else have the same problem?

IRS is undoubtedly batch processing these payments overnight. It could have hit your account to late to be credited yesterday. Check again tomorrow.

 

[Rex]

Update on the family getting the check.....

MIL go hers in the mail last week. She files but owes zero and pays zero so the "get my payment" lookup form did not work for her (because of the verification questions based on how much she paid or owed).

DM go hers via direct deposit yesterday 4/30...We went to the form on day 1 and added her bank account info. She always owes the man every year.

DF & I get "Payment Status Not Available" we did not qualify in 2018 but did qualify in 2019. Online filed 3/24. We will need to wait.

20 something kids both got theirs via direct deposit on day 1

First time I think I've ever said this: "Very efficient and very fast and excellent job, US government!"

 

[Carol1862]

3 of my kids got their check. The one that needs it the most, of course, can’t even get the site to identify her. She can’t get past the first page of SS, DOB and address. She has correspondence from IRS and made sure she’s entering address exactly as they have it (pretty straightforward address). Comes back that they can’t identify her. Then it locks her out. Anyone out there that can offer us help for her??

She filed by paper in mid Feb. Never received her refund. Site states they are working on it.

BTW, for people like this who just don’t get their checks will there be a way on next years taxes to declare this? What do you think?

She is NOT happy!!!

 

[Rex]

MIL had payment date of 4/30 and it was "pending" at BofA yesterday (4/30) and it's posted today (5/1) with a deposit date of 4/30....All good here...I bet yours is in your account this morning (5/1) dated 4/30.

 

[PatrickA5]

3 of my kids got their check. The one that needs it the most, of course, can’t even get the site to identify her. She can’t get past the first page of SS, DOB and address. She has correspondence from IRS and made sure she’s entering address exactly as they have it (pretty straightforward address). Comes back that they can’t identify her. Then it locks her out. Anyone out there that can offer us help for her??

She filed by paper in mid Feb. Never received her refund. Site states they are working on it.

BTW, for people like this who just don’t get their checks will there be a way on next years taxes to declare this? What do you think?

She is NOT happy!!!

If they don't get their checks this year and still qualify on 2020 taxes, then they should get the credit next year.

 

[jcretire77]

DM received her direct deposit two days ago. Does not file federal taxes.

 

[Chuckanut]

My deposit is somewhere in the Outer Darkness. But, my children got their money and they need it far more than I do.

 

[Sunset]

Anyone planning to manipulate 2020 AGI to get the full stimulus ? I am (unless I choose to start SS early).

I’ll have to find a way to convert an IRA distribution into a rollover. Seems to be an issue for my credit union to take a check from me and treat it as a rollover.

Certainly thinking about it. Will be easier with the lower dividends paid out in 2020 and harvested tax losses.

 

[ivinsfan]

I'm just sitting here waiting for our paper check to show up. it comes when it comes...people seem to be putting a lot of effort and angst into figuring out the up to the minute status of their free money.

 

[cathy63]

3 of my kids got their check. The one that needs it the most, of course, can’t even get the site to identify her. She can’t get past the first page of SS, DOB and address. She has correspondence from IRS and made sure she’s entering address exactly as they have it (pretty straightforward address). Comes back that they can’t identify her. Then it locks her out. Anyone out there that can offer us help for her??

She filed by paper in mid Feb. Never received her refund. Site states they are working on it.

BTW, for people like this who just don’t get their checks will there be a way on next years taxes to declare this? What do you think?

She is NOT happy!!!

I don't think there's anything she can do to improve her chances of getting a payment this year. The IRS has her 2019 return, so they are supposed to base her payment off of that, but they haven't finished processing it so they can't do the calculation. Now the return processing centers are closed due to the virus, so until those reopen, I think she's stuck.

Does she file as head-of-household, claim the earned income credit, or the American Opportunity credit? Any of those can hold up the processing, especially for a paper return which is slower anyway, and might be a reason why her refund was delayed. Also, since you said she has correspondence from the IRS, was there a problem on a previous return? That can also afffect processing of future returns.

If her 2020 earnings qualify her for the money, then she will definitely be able to claim it when she files her 2020 return next Feb.

 

[Sunset]

I'm just sitting here waiting for our paper check to show up. it comes when it comes...people seem to be putting a lot of effort and angst into figuring out the up to the minute status of their free money.

At the rate the gov't is handing out $$$, I want to get my share before they run out

 

[ivinsfan]

At the rate the gov't is handing out $$$, I want to get my share before they run out

You do realize they never run out...they just keep printing more..if we do that we go to jail..

 

[rdy4er]

MIL had payment date of 4/30 and it was "pending" at BofA yesterday (4/30) and it's posted today (5/1) with a deposit date of 4/30....All good here...I bet yours is in your account this morning (5/1) dated 4/30.

Still nothing this morning