USA Stimulus Checks you might get one this Time

[khwaibah]

IRS Statement about Second Economic Impact Payments

 

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January 5, 2021
 
The IRS updated the Get My Payment tool with information related to the second round of Economic Impact Payments. There is currently heavy demand on the tool given the large number of payments going out and people using the tool.
 
While the IRS has been able to deliver the second round of Economic Impact Payments in record time, we understand there are many questions and we appreciate everyone’s patience during this period.
 
Here are answers to some common questions coming up related to Get My Payment and the second round of Economic Impact Payments.

I’m having trouble accessing the Get My Payment tool.

Some people visiting the site may get a “please wait” or error message due to the high volumes coming in. The “please wait” message is a normal part of the site’s operation. We encourage people to check back later. Also, there is a limit to the number of times people can access Get My Payment each day. When people reach the maximum number of accesses, Get My Payment will inform them they will need to check back the following day.

I didn’t receive a direct deposit yet. Will I get a second Economic Impact Payment?

Maybe. IRS updated Get My Payment (GMP) for individuals who are receiving the second Economic Impact Payment on January 5, 2021. If you checked GMP on or after January 5 then:

• If GMP reflects a direct deposit date and partial account information, then your payment is deposited there.
• If GMP reflects a date your payment was mailed, it may take up to 3 – 4 weeks for you to receive the payment. Watch your mail carefully for a check or debit card. (See the FAQ for EIP Card)
• If GMP shows “Payment Status #2 – Not Available,” then you will not receive a second Economic Impact Payment and instead you need to claim the Recovery Rebate Credit on your 2020 Tax Return.

 
Because of the speed at which the law required the IRS to issue the second round of Economic Impact Payments, some payments may have been sent to an account that may be closed or, is or no longer active, or unfamiliar. By law, the financial institution must return the payment to the IRS; they cannot hold and issue the payment to an individual when the account is no longer active. If Get My Payment shows “Payment Status #2 – Not Available” you will not receive a second EIP.   
 
The IRS advises people that if they don’t receive their Economic Impact Payment, they should file their 2020 tax return electronically and claim the Recovery Rebate Credit on their tax return to get their payment and any refund as quickly as possible.

What if I have a different bank account than I had on my 2019 tax return? What should I do?

If the second Economic Impact Payment was sent to an account that is closed or is no longer active the financial institution must , by law, return the payment to the IRS, they cannot hold and issue the payment to an individual when the account is no longer active. The IRS advises people that if they don’t receive the full Economic Impact Payment they should file their 2020 tax return electronically and claim the Recovery Rebate Credit on their tax return to get their payment and any refund as quickly as possible.

Why can’t the IRS reissue the second Economic Impact Payment to me?

The IRS is working hard to deliver the second Economic Impact Payment quickly, as required by law, while still preparing for the upcoming 2021 tax filing season. Due to the compressed timeline, the IRS is unable to reissue and mail checks and instead encourages people to file their 2020 tax return electronically to claim and receive the Recovery Rebate Credit quickly as possible.

Can I call the IRS, software company or bank to resolve issues with my Economic Impact Payment?

People should visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax software providers. IRS phone assistors do not have additional information beyond what’s available on IRS.gov.

Where can I get more information?

For more information about Economic Impact Payments and the 2020 Recovery Rebate Credit, visit IRS.gov/eip. People can check the status of their payment at IRS.gov/getmypayment. For other COVID-19-related tax relief, visit IRS.gov/coronavirus.

Page Last Reviewed or Updated: 05-Jan-2021

[Pib]

On 1/5/2021 at 9:18 AM, Pib said:

Yeap...strange regarding the SS format thing....especially since I could enter it with or without dashes in the previous Get My Payment version earlier in the year.   But I remember reading on Reddit where other people had the same problem....some people had to enter their SSN with dashes to be accepted.

 

I just tried again "without" dashes and once again it said invalid format....then I enter "with" dashes and it was accepted.  

 

Just FYI in case some others run into the issue of SSN entry format.

 

Edit: since the stimulus payment is a joint payment to the wife and I, I also just tried entering the wife's info...same address & ZIP code as me....just SSN and birthdate different.  Entered her SSN with and without dashes and it was accepted both ways.  But as mentioned for me this time around when entering my data I must include dashes in SSN to be accepted....if I leave out dashes it's rejected.

 

Today/6 Jan when checking my stimulus payment it will show my stimulus payment whether I enter my SSN with or without dashes...just like it use to operate earlier in the year.    But yesterday I would get a reject unless entering my SSN with dashes in the following format 123-45-6789.....however, when trying without dashes and I would get an invalid error.   Expect yesterday their system was having a few glitches since yesterday was its first day of being back online after being down for at least a week as they did updates.

[mtls2005]

So how is this $600 treated tax-wise on our 2021 1040 filed in 2022? 

 

And is the first payment treated the same?

 

 

Edited January 6, 2021 by mtls2005

[jwdub]

Received my $600 stimulus wire in my Schwab account on Monday Jan. 4th.

[Berkshire]

Just read that if you used a tax preparation service like Turbotax and you decided to use your refund to pay for their services, your payment may go to the wrong account...

 

[She contacted TurboTax, which prepared her most recent tax filing, and was told if she paid her tax preparation fees with her refund due, rather than paying for it upfront, then the second payment may have been sent to a TurboTax bank. Several other taxpayers who paid their fees the same way also reported delays.]

 

https://www.yahoo.com/news/taxpayers-relief-payments-sent-wrong-182256235-185414659.html

[Billpro785]

Anyone here get a paper check ?  My 1st stimulus check was mailed by the IRS in Sept, still have not received. Was wondering how long it takes to arrive. 

[ubonjoe]

20 minutes ago, Billpro785 said:

Anyone here get a paper check ?  My 1st stimulus check was mailed by the IRS in Sept, still have not received. Was wondering how long it takes to arrive. 

You should of received it by now. I would say about the 3 to 4 weeks at the most for it get here.

I got the got the letter from the IRS stating my payment was sent to my bank in about 3 weeks in July.

You need inform the IRS it was not received.

 

[Billpro785]

22 minutes ago, ubonjoe said:

You should of received it by now. I would say about the 3 to 4 weeks at the most for it get here.

I got the got the letter from the IRS stating my payment was sent to my bank in about 3 weeks in July.

You need inform the IRS it was not received.

 

Ya, was thinking 6 weeks max. Will check on the IRS website as to what I need to do. If they reissue the check could I have the local post office hold and not try to deliver it to my home ? 

[ubonjoe]

21 minutes ago, Billpro785 said:

If they reissue the check could I have the local post office hold and not try to deliver it to my home ? 

You could ask the post office about doing it. Not sure it can be done.

[bwpage3]

4 hours ago, Billpro785 said:

Anyone here get a paper check ?  My 1st stimulus check was mailed by the IRS in Sept, still have not received. Was wondering how long it takes to arrive. 

Was your mailing address correct or did it go to a US address they have on file?

[Billpro785]

Just now, bwpage3 said:

Was your mailing address correct or did it go to a US address they have on file?

Mailing address is correct, have received other mail from the states. Have no US address on file. If I go online to the IRS site was processed  Sept 28. 

[Gumballl]

12 hours ago, mtls2005 said:

So how is this $600 treated tax-wise on our 2021 1040 filed in 2022? 

 

And is the first payment treated the same?

 

 

No tax liability is due on the $600, nor on the $1200 issued earlier in 2020.

 

There might (most likely) be a check-box to complete to indicate whether you have received the credit on the 2021 and 2022 tax-forms.

[Gumballl]

Wow. I think someday when I retire in LOS, I will maintain a US bank account (most likely with Schwab).

 

My family and I received our stimulus payment on Monday, 01/04... directly deposited to my BofA account. No sweat off my back.

 

I cannot believe that folks are using temporary TurboTax (or other tax-prep service) accounts, or are still relying on snail-mail to receive tax refunds (so 19th century). Plan ahead folks!... there might be another stimulus payment coming your way. Open an online account, and use it when dealing with the IRS.

[bwpage3]

11 hours ago, Billpro785 said:

Mailing address is correct, have received other mail from the states. Have no US address on file. If I go online to the IRS site was processed  Sept 28. 

If you have no address in the US on file, where did they mail it to? I could be calling them and asking.

[lopburi3]

59 minutes ago, bwpage3 said:

If you have no address in the US on file, where did they mail it to? I could be calling them and asking.

To our foreign address we use on our tax forms.  US mailing address is not required to pay tax.

[lopburi3]

16 minutes ago, andy said:

Except they won't actually use your full foreign address, they will only use the first 32 characters (including spaces) of it and lop of the rest.  Then they will still mail it to this "address" that will now be missing vital information and it will be lost or (if you are lucky) returned.  Resulting in multiple calls to the IRS helpline to ascertain what happened, delaying your stimulus for months on end.  That was my experience with round 1.

At least you got a payment.????  With an ITIN on 1040 we got nothing in the first round.

Edited January 8, 2021 by lopburi3

[GinBoy2]

1 hour ago, lopburi3 said:

At least you got a payment.????  With an ITIN on 1040 we got nothing in the first round.

Slightly off topic but a piece of hopefully helpful information.

 

If your wife has an ITIN, and subsequently ends up with an SSN, make sure you get the two merged. 

 

It came up for us after we filed taxes one year, and it appeared that her ITIN was still active and it caused a flag against her SSN. After the usual couple of hours on hold they eventually removed her ITIN, merged the details with her SSN and all was good. But as with everything with the Government it was just a pain in the ass.

 

I'm sure I'm not alone with wanting nothing that causes difficulties with the IRS, and possibly future stimulus payments

[Pib]

 

https://www.irs.gov/newsroom/economic-impact-payments-on-their-way-visit-irsgov-instead-of-calling

Updated: January 8, 2021

IR-2021-01, January 4, 2021

WASHINGTON — The Internal Revenue Service today urged people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax software providers. IRS phone assistors do not have additional information beyond what’s available on IRS.gov.

The IRS and the Treasury Department began issuing a second round of Economic Impact Payments, often referred to as stimulus payments, last week. 

The direct deposit payments may take several days to post to individual accounts. Some Americans may have seen the direct deposit payments as pending or as provisional payments in their accounts before the scheduled payment date of January 4, 2021, which is the official date funds are available.

Paper checks also began going out and will continue to be sent through January. Some people will be mailed debit cards in January, and the IRS urges people to carefully check their mail. Mailed payments will require more processing and mailing time. Those who reside abroad will have longer wait times for checks as disruptions to air travel and mail delivery in some countries will slow delivery.

The IRS emphasizes that there is no action required by eligible individuals to receive this second payment. The payments are automatic, and people should not contact their financial institutions, tax software providers or the IRS with payment timing questions.

Eligibility

Generally, U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment. Eligible individuals will automatically receive an Economic Impact Payment of up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child. Most people who have an adjusted gross income for 2019 of up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.

Checking the status of a payment

Starting today, people can check the status of both their first and second payments by using the Get My Payment tool, available in English and Spanish only on IRS.gov.

Payment not received or less than expected? Claim on 2020 tax return

Payments started going out last week and will continue through mid-January. Direct deposit payments are being made first to those that have valid routing and account information on file for direct deposit purposes.

Because of the speed at which IRS issued this second round of payments, some payments may have been sent to an account that may be closed or no longer active.

If the second Economic Impact Payment was sent to a temporary account that is closed or is no longer active, the IRS is currently working with our tax industry partners on options to potentially get these payments to individuals as quickly as possible. More information will be shared when available.

While the IRS is exploring options to correct these payments, if you have not received your full payment by the time you file your 2020 tax return, you may claim the Recovery Rebate Credit on your tax return.

The credit is figured like the Economic Impact Payment, except that the credit eligibility and the credit amount are based on the 2020 tax year information, including income.

For people who received a partial Economic Impact Payment, they can take the Recovery Rebate Credit for any remaining amount they’re eligible for by completing line 30 of the 2020 Form 1040 or 1040-SR.

Changing bank account or mailing information

The IRS cannot change payment information, including bank account or mailing information. If an eligible taxpayer does not get a payment or it is less than expected, it may be claimed on the 2020 tax return as the Recovery Rebate Credit. Remember, Economic Impact Payments are an advance payment of what will be called the Recovery Rebate Credit on the 2020 Form 1040 or Form 1040-SR.

More information

For more information about Economic Impact Payments and the 2020 Recovery Rebate Credit, visit IRS.gov/eip. People can check the status of their payment at IRS.gov/getmypayment. For other COVID-19-related tax relief, visit IRS.gov/coronavirus.

[mtls2005]

My tax preparation software prompted me for both missing EIP payments. I did not receive the first payment, I did receive the second payment.

 

For me $1,200 shows as a tax paid in 2020. 

 

So my refund is increased by $1,200.

 

 

[Jingthing]

47 minutes ago, mtls2005 said:

My tax preparation software prompted me for both missing EIP payments. I did not receive the first payment, I did receive the second payment.

 

For me $1,200 shows as a tax paid in 2020. 

 

So my refund is increased by $1,200.

 

 

May I ask which one?

I use taxact and haven't checked yet.

[mtls2005]

TaxAct

[mtls2005]

IRS tax season 2021 officially kicks off Feb. 12. Here’s why it starts so late

 

The IRS will begin accepting and processing 2020 tax returns on Feb. 12, the agency said Friday. Typically, the IRS begins accepting returns in late January.

Why so late this year? 

 

The agency said it is taking the time to do additional programming and testing of its systems to ensure that there won’t be a delay in issuing refunds following tax law changes from the stimulus package that was passed in December. The law had included a second round of stimulus checks, or Economic Impact Payments, and other benefits.

 

https://www.usatoday.com/story/money/2021/01/15/irs-tax-season-2021-starts-feb-12-stimulus-checks-tax-refunds/4176228001/

 

 

https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

Edited January 16, 2021 by mtls2005