Latest Stimulus Bill Passed

[Pib]

Stimulus #3 is a 2021 tax year advance credit...stimulus # 1 and 2 were 2020 tax year advance tax credits.  Yes, #2 was paid in 2021 but it was for tax year 2020.

[Pib]

Well, the 3rd stimulus payments are flowing to some as of 12 March/Friday...in below reddit thread where people report whether they have received the payment and to which of their banks, quite a few folks with various banks are reporting the deposit hitting their bank acct on 12 Mar/Friday.  My quick count as of date/time of this post shows folks with accts at approx 78 different banks just received their payment.   Unfortunately, no one has reported a payment to the bank my payment will go to.  

 

  

[Pib]

From reviewing some reddit posts and seeing a lot of people saying their bank is saying the payment is currently Pending but will Post 3/17 (Mar 17/Wed), I think what is happening is the IRS direct deposit payment instructions say post (make funds available) 17 March; however, since banks vary in their policy as to how much in advance they will notify a customer of a "future" (pending) deposit and/or actually post the funds making them available to the customer many of us may have a stimulus payment setting at our bank right now but our bank's policy may not be to notify the customer of the pending deposit to say one day or two days or XYZ days before the posting date in the payment instructions.

I was looking at  the FAQ section of my bank were the stimulus payment will go and it says they expect stimulus payments  to arrive as soon as 16 March.  Since my bank's policy is to actually make the funds available/post direct deposit payment one day before whatever the payment instruction say (i.e, my bank cash flows the payment for one day), I wouldn't be surprised to get notified on 16 Mar (maybe 15 Mar) of the third stimulus payment if I was in the first wave of payment.

 

[meechai]

On 3/12/2021 at 3:29 AM, ThailandRyan said:

Now to wait and see if and when the Stimulus check will go in.

You should see it soon...My wife & I have ours hit the bank yesterday & we know a few others.

(same as Pib said "pending" "post on 2021-03-17" )

We all had filed taxes already too

Edited March 13, 2021 by meechai

[George Bowman]

Wow! According to 'Get My Payment' the stimulus check will be deposited in my BKK bank account in a few days. I haven't filed taxes since 2016. 

Edited March 13, 2021 by George Bowman

[ThailandRyan]

As of this morning here, or evening in the US, nothing yet in the system showing for the stimulus check, of course I just had my Federal refund hit my account two days ago, so I will check back in a few days.  I do get automatic notifications from my bank in the US of any activity on my account, sent immediately to my phone in an email.  Hoping it works out for all.

[ubonjoe]

48 minutes ago, George Bowman said:

According to 'Get My Payment' the stimulus check will be deposited in my BKK bank account in a few days.

Same for me. The last one said January 4th and it was credited to my account here late on that day.

 

[Pib]

12 hours ago, Pib said:

From reviewing some reddit posts and seeing a lot of people saying their bank is saying the payment is currently Pending but will Post 3/17 (Mar 17/Wed), I think what is happening is the IRS direct deposit payment instructions say post (make funds available) 17 March; however, since banks vary in their policy as to how much in advance they will notify a customer of a "future" (pending) deposit and/or actually post the funds making them available to the customer many of us may have a stimulus payment setting at our bank right now but our bank's policy may not be to notify the customer of the pending deposit to say one day or two days or XYZ days before the posting date in the payment instructions.

I was looking at  the FAQ section of my bank were the stimulus payment will go and it says they expect stimulus payments  to arrive as soon as 16 March.  Since my bank's policy is to actually make the funds available/post direct deposit payment one day before whatever the payment instruction say (i.e, my bank cash flows the payment for one day), I wouldn't be surprised to get notified on 16 Mar (maybe 15 Mar) of the third stimulus payment if I was in the first wave of payment.

 

As of this morning/Sunday the IRS Get My Payment now shows my 3rd stimulus payment is scheduled to deposit 17 Mar.   Yesterday/Saturday when I checked Get My Payment it was down and said it would be back up in a few days as they were updating it to reflect 2021 stimulus payment.   

As mentioned in my post above I expect the payment has already arrived my US bank which has a policy of posting direct deposits one day before the payment instructions (i.e., cash flow the direct payment).  With the IRS payment instructions most likely saying make funds available 17 Mar I expect my bank will post it 16 Mar.  Time will tell.  

[mtls2005]

St. Patrick's Day!

 

Seems like I will get Stim #3 BEFORE Stim #1.

 

Or maybe Stim#1 will show up on the same day (as part of my refund)?

 

 

 

 

[Pib]

I see the IRS Get My Payment status webpage as of today says it will no longer show stimulus payments #1 or #2; will only show #3.   To see the first two stimulus payments a person will need to create an IRS online acct.  

https://www.irs.gov/coronavirus/get-my-payment#first-second-payments

Yesterday/Saturday when checking for my payment the status showed both my 1st and 2nd payments for tax year 2020 with a comment the 3rd payment for tax year 2021 will show once the IRS updates the tool for the 2021 stimulus payment which is now showing.   That implied to me the page would soon be able to show payment status of #1, #2, and #3.   But no, as of today the IRS page above states it will now only show stimulus payment #3....to see an earlier payment you will need to create an IRS online acct like you do to see your tax transcripts online and accomplish a variety of other tax things online.

I have such an IRS online acct but you do have to pass the IRS identity check and be able to receive 2FA security code to logon....a Google Voice number will work to receive the code once you have registered for an acct,  but a GV number does not work to help you to initially pass the identity check where  an actual US mobile number should.  Instead the IRS will snail mail you a code to finalize the passing of the identity check/complete registration for an online acct if you can not pass their identity check using a real US mobile number.    And if I remember right they will only mail this code to finalize the online acct registration/identity check to the address the IRS has onfile for you; not some address you enter when attempting to pass the identity/registration process.

Edited March 14, 2021 by Pib

[Pib]

Partial quote from below news article....talks how some banks are waiting till 17 March to show the funds in your acct while other banks have put the funds into a person's acct.  All depends on the bank....some will not post until the effective date as received in the payment nstructions (i.e., IRS saying pay on 17 Mar) while other banks will cash flow the payment and put in your acct earlier than the effective date.

https://www.huffpost.com/entry/wells-fargo-chase-stimulus-check-delays_n_604d5a8fc5b636ed337ae8fb

 

Quote

 

Americans waiting to get their stimulus checks were growing increasingly frustrated Saturday after discovering some banks won’t make checks available to them for days, even if they’ve already been deposited by the federal government.

 

The official payment date for the “Economic Impact Payments” is March 17, but millions of dollars in checks had already landed in countless bank accounts by Friday, The Wall Street Journal reported.

 

“Some Americans may see the direct deposit payments as pending or as provisional payments in their accounts before the official payment date of March 17,” the Internal Revenue Service explained on its website.

 

Some digital banks, like Chime, said they authorized clients to instantly access the cash. Chime touted on Friday that it had already distributed $600 million in “stimmy” checks.

 

Chime customers on Twitter confirmed that they already had access to the money.

 

Chase, however, issued a statement that it will release the payments beginning March 17, apparently even if the money lands in accounts earlier. 

 

Wells Fargo said the same: that it will treat all checks as arriving March 17, whether they arrive earlier or not. “Wells Fargo will process all of the direct deposits according to the effective date provided by the U.S. Treasury” March 17, the bank emphasized on its website.

 

The bank couched the policy in a positive light on Twitter, chirping that customers can get the money “as soon as March 17” — but clearly no sooner, even if the millions from the government are under the bank’s control days before that.

 

 

 

[jeffandgop]

On 3/7/2021 at 8:56 AM, jeffandgop said:

File as soon ad you can. Note the Senate’s bill changed some elements of the House bill that the Senate voted upon so the Senate’s version goes back to the House for their approval. If the House votes in favor then it goes to President Biden for signature.

 

Still should expect the third stimulus for eligible people to see direct deposits by the end of March

On 25 Feb I filed my 2020 tax return using OLT. Even tho I had no tax overpayment so no refund, the software included the opportunity to input my direct deposit info in the event of future stimulus payments. I included my banking information on my Form 1040. Today I checked the IRS “Where’s My Payment” webpage, delighted that the latest/3rd stimulus payment is scheduled for direct deposit 17 March. It paid off to file my 2020 tax return as soon as I was in a position to.  

[connda]

On 3/7/2021 at 7:06 AM, mahjongguy said:

Your 2019 1040 will be used to determine if you qualify. An AGI of less than 75k pays $1,400. As your AGI approaches $80k, the payment scales down to zero.

 

If someone has already filed their 2020 1040, then that AGI number will be used.

 

 

 I wonder if they cut expats with foreign wives who file jointly out of the stimulus check again.  It's not like my wife gets a check.  She's not a US citizen and shouldn't get one.  I am a US citizen and tax-payer and should get one.   We'll see.  The DC politicians are self-serving asses at best.

[Pib]

6 minutes ago, connda said:

 I wonder if they cut expats with foreign wives who file jointly out of the stimulus check again.  It's not like my wife gets a check.  She's not a US citizen and shouldn't get one.  I am a US citizen and tax-payer and should get one.   We'll see.  The DC politicians are self-serving asses at best.

They changed stimulus law for the 1st and 2nd stimulus payment to where you should get one....I"m assuming the 3rd stimulus law carried over the eligibility.   Did you submit a tax return for 2020 to see if you get the 1st and 2nd stimulus credits/payments?

https://www.irs.gov/newsroom/recovery-rebate-credit-topic-b-eligibility

Quote

 

Q B4. Social Security number (SSN) Requirement: Do I need to have an SSN to claim the credit? (added February 5, 2021)

A4.  Generally, yes. One eligibility requirement for the Recovery Rebate Credit is that you must have Social Security number valid for employment. In general, when spouses file a joint return, each spouse must have a Social Security number valid for employment to receive the full amount of the Recovery Rebate Credit.

If, however, at least one of the spouses is a member of the U.S. Armed Forces at any time during the 2020 taxable year, only one spouse needs to have a Social Security number valid for employment to receive the full amount of each Recovery Rebate Credit for both spouses.

Under a new law enacted in December 2020, a married couple filing a joint return may be eligible for a partial credit when only one spouse has a Social Security number valid for employment.  If you and your spouse did not receive one or both Economic Impact Payments because one of you did not have a Social Security number valid for employment, you should complete the Recovery Rebate Credit Worksheet or use tax preparation software to determine if you may claim a Recovery Rebate Credit on your 2020 tax return for the spouse with the Social Security number valid for employment. 

 

 

[GinBoy2]

21 hours ago, ubonjoe said:

Same for me. The last one said January 4th and it was credited to my account here late on that day.

 

Same here, mine and Mrs G payment are scheduled for Wednesday 17th according to the website.

Quite a few folks at work have already received them, and I suspect given their surnames, it's going out alphabetically

Edited March 14, 2021 by GinBoy2

[Pib]

 

7 hours ago, GinBoy2 said:

Quite a few folks at work have already received them, and I suspect given their surnames, it's going out alphabetically

Definitely not alphabetical based on friends and family I know who are scheduled to receive their payment on 17 March (or already recieved the payment because their bank immediately post direct deposits versus waiting for the payment instructions effective date).

[lexilis]

The Get My Payment site is still showing "Payment Status - Not Available" for me. Hope that is not indicating some problem.

[ubonjoe]

18 minutes ago, lexilis said:

The Get My Payment site is still showing "Payment Status - Not Available" for me. Hope that is not indicating some problem.

Do they have your bank account info. If you expect a check they have not started processing them yet.

[lexilis]

2 hours ago, ubonjoe said:

Do they have your bank account info. If you expect a check they have not started processing them yet.

Yes I get direct deposit SS and the two previous stimulus deposits went fine. 

[ubonjoe]

12 minutes ago, lexilis said:

Yes I get direct deposit SS and the two previous stimulus deposits went fine. 

Just keep checking the site. Maybe yours will be in the next batch they post on the site.

[Why Me]

3 hours ago, lexilis said:

The Get My Payment site is still showing "Payment Status - Not Available" for me. Hope that is not indicating some problem.

Same for me. I don't think it's a problem. Just that the data isn't accessible yet. Incidentally, from the reports I see on TV those that get their payments deposited directly get info at Get My Payment more quickly than those with an address to mail to.

My last two checks were mailed to me in Thailand which is annoying because my SS is direct deposited to my CU in the US so they have that info. But they insist on going by the address I use to file my tax return. At least none of the checks have been lost.

 

[Pib]

4 hours ago, lexilis said:

The Get My Payment site is still showing "Payment Status - Not Available" for me. Hope that is not indicating some problem.

Below is what the IRS says about such status.  Since you said you get SS direct deposit and got the two previous stimulus payments I expect the IRS just hasn't got around to issuing your 3rd stimulus payment yet.

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

 

Quote

 

Why am I getting "Payment Status Not Available"? (updated March 13, 2021)

The Get My Payment application will return "Payment Status Not Available" if:

• We haven’t yet processed your Economic Impact Payment;
• We don’t have enough information to issue you a payment; or
• You aren’t eligible for a payment.

The IRS will continue to issue the 2021 Economic Impact Payments throughout 2021. Please check the Get My Payment tool for updates on your payment status.

 

 

[Pib]

28 minutes ago, Why Me said:

Same for me. I don't think it's a problem. Just that the data isn't accessible yet. Incidentally, from the reports I see on TV those that get their payments deposited directly get info at Get My Payment more quickly than those with an address to mail to.

My last two checks were mailed to me in Thailand which is annoying because my SS is direct deposited to my CU in the US so they have that info. But they insist on going by the address I use to file my tax return. At least none of the checks have been lost.

 

Sounds like you didn't provide bank acct info for your 2019/2018 returns (if you filed) for stimulus payment #1 or #2.   The IRS first looks to see you have filed a tax return to determine if you qualify for payment.....if they had a 2019/2018 return from you they used the info on the latest of the two returns to process you payment.  If no bank acct data on the return then a check/debit card gets mailed to the address the have for you...and address off your tax return.   They don't look for SS bank direct deposit data.

Now if you did "not" file a 2019/2018 return "then they would look for SS/VA/RR pension direct deposit /address data.

A ditto process for the 2021 stimulus payment #3 where they will first look for a 2020/2019 tax return for payment info; if no 2020/2019return on file but you are drawing  SS/VA/RR pension then they use that pension bank/address info.  

Another reason a payment can end up getting mailed is because the bank rejected the direct deposit for some reason.

 

 

 

[Pib]

12 Mar 2021 IRS news article....partial quote below....see weblink for full article.

 

https://www.irs.gov/newsroom/irs-begins-delivering-third-round-of-economic-impact-payments-to-americans

Quote

 

The third round of Economic Impact Payments (EIP3) will be based on the taxpayer's latest processed tax return from either 2020 or 2019. This includes anyone who successfully registered online at IRS.gov using the agency's Non-Filers tool last year, or alternatively, submitted a special simplified tax return to the IRS. If the IRS has received and processed a taxpayer's 2020 return, the agency will instead make the calculation based on that return.

In addition, the IRS will automatically send EIP3 to people who didn't file a return but receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI) or Veterans Affairs benefits. This is similar to the first and second rounds of Economic Impact Payments, often referred to as EIP1 and EIP2.

For those who received EIP1 or EIP2 but don't receive a payment via direct deposit, they will generally receive a check or, in some instances, a prepaid debit card (referred to as an "EIP Card). A payment will not be added to an existing EIP card mailed for the first or second round of stimulus payments.

 

 

[Why Me]

1 hour ago, Pib said:

Sounds like you didn't provide bank acct info for your 2019/2018 returns (if you filed) for stimulus payment #1 or #2.   The IRS first looks to see you have filed a tax return to determine if you qualify for payment.....if they had a 2019/2018 return from you they used the info on the latest of the two returns to process you payment. 

I've filed a tax return every year since I moved here several years ago. I owed taxes last few years which I paid via Direct Pay from my CU. So they do have my bank info but I think the problem is that they don't want to send money to an account from which taxes have been paid because the filer may not be in control of the account, while they would trust an account to which a refund is sent. (Even though in my case the name on the ac. and the filer's name match).

But all this should be moot if they just said, ok we don't have a bank ac. we can trust for him to get his money, but hey here's an SS ac. he draws from.

[orang37]

Like for many of you, GetMy$tatu$ shows March17:  Anyone care to hazard  a guess when those funds will be actually available ?

The second stimulus arrived (Chiang Mai)  on Jan 4, same day as the monthly  payment.

thanks, ~o:37;

[ubonjoe]

16 minutes ago, orang37 said:

Anyone care to hazard  a guess when those funds will be actually available ?

It should be paid tomorrow.

I got the last one credited to my Bangkok Bank account late on the 4th of January.

[Pib]

40 minutes ago, orang37 said:

Like for many of you, GetMy$tatu$ shows March17:  Anyone care to hazard  a guess when those funds will be actually available ?

The second stimulus arrived (Chiang Mai)  on Jan 4, same day as the monthly  payment.

thanks, ~o:37;

Will be available for final settlement with your bank on 17 Mar most likely. 

Your bank should firmly have the money in "their" total control at that time as apparently the IRS payment instructions used a  17 Mar "effective" date for payment based on news reports.

That effective date is when your bank officially has the money in their total  control...it has finished transfer to their books.  Well, it's really completes transfer on the "settlement" date in the payment transaction but it's usually the same date as the effective date.

Whether a bank puts the funds in you bank acct before the effective date as pending/posted will depend on the bank's accounting policies.  Some will post the funds before the effective date by "cash flowing" out of their own reserves a trusted direct deposit....others will wait until the payment instructions effectve/settlement date to be 100% sure the bank gets 100% control of the money.  

I'm expecting my particular US bank to post the funds to my acct one day early/16 Mar since they have  policy to post direct deposits one day early--the bank is cash flowing the payment before it's 100% in their control....100% on the bank's books because they trust the entity that sent the payment.

Now other bank may have accounting policies where the post the funds to your bank acct a business day or two after the effective date but when you actually see it on your acct it shows it posted a day or two earlier but the bank is just now getting around to showing you that.

 

[Pib]

14 hours ago, Why Me said:

I've filed a tax return every year since I moved here several years ago. I owed taxes last few years which I paid via Direct Pay from my CU. So they do have my bank info but I think the problem is that they don't want to send money to an account from which taxes have been paid because the filer may not be in control of the account, while they would trust an account to which a refund is sent. (Even though in my case the name on the ac. and the filer's name match).

But all this should be moot if they just said, ok we don't have a bank ac. we can trust for him to get his money, but hey here's an SS ac. he draws from.

I've never used the IRS Direct Pay method but isn't each tax payment you make via Direct Pay is a one-time thing even if you are scheduling a future payment....and the IRS Direct Pay doesn't save personal information like bank acct for future use....each time you use Direct Pay you reidentify yourself versus being issued logon credential for future use.  It's kinda like an one time pull of funds from your bank acct.  Basically it's for sending money "to" the IRS but not for the IRS to send you money like a tax refund or stimulus payment.  

[Why Me]

22 minutes ago, Pib said:

I've never used the IRS Direct Pay method but isn't each tax payment you make via Direct Pay is a one-time thing even if you are scheduling a future payment....and the IRS Direct Pay doesn't save personal information like bank acct for future use....each time you use Direct Pay you reidentify yourself versus being issued logon credential for future use.  It's kinda like an one time pull of funds from your bank acct.  Basically it's for sending money "to" the IRS but not for the IRS to send you money like a tax refund or stimulus payment.  

Yes, you have to identify yourself each time by giving personal details plus answer questions about a prior tax return. So you are probably right it's a once and done deal and no sender data is retained.