Latest Stimulus Bill Passed

[Pib]

8 minutes ago, Why Me said:

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.

Yea...when I was reading the Direct Pay website for info/curiosity purposes everything seemed to indicate it was for sending money to the IRS only...a one way street so to speak,  each time you wanted to send money you would go thru the identity verification again/enter bank info/etc., and they didn't save any personal info which I assume to also include bank info.   Below are a few quotes from their FAQ section. 

Hopefully you get your payment as soon as possible thru the mail because it sounds like that's how your payment will be issued.   

https://www.irs.gov/payments/direct-pay-help#q03

 

Quote

 

How does the IRS verify my identity?

We will use information from one of your prior year processed tax returns to verify your identity. In step two, you can choose one of the last six year's tax returns for identity verification. It does not need to be the same year as the tax year for payment.

I verified my identity last month when I used IRS Direct Pay. Do I need to verify my identity again this month?

Yes, you will need to verify your identity each time you use IRS Direct Pay.

Does the IRS save my personal information?

No, with Direct Pay the IRS only uses your personal information to verify your identity and apply your payment to your tax record.

 

 

[Pib]

Stumbled across this 12 Mar 2021 Washington Post article which said the IRS can not use a bank acct info previous provided for "taxes owned" as apparently it doesn't provide them the required authorization to deposit funds...apparently only to debit funds.   

So for someone who provides bank acct info on their tax return to "pay taxes owed" versus for getting a refund or using some tax payment system like the IRS Direct Pay the bank acct info would not be used for a stimulus "payment." 

The article also says to monitor the "Get My Payment" site closely as you could be offered the chance to enter bank info to receive the stimulus payment via direct deposit vs check/debit card via snail mail.

https://www.washingtonpost.com/business/2021/03/12/stimulus-payment-rollout-delays/#:~:text=You've filed your 2019,line to get a payment.&text=You used the IRS “Get,to electronically deposit stimulus payments.

 

Quote

 

You used the IRS “Get My Payment” tool to add bank information: In general, the IRS cannot use bank account information it has been given for taxes owed to electronically deposit stimulus payments. The agency said it needs specific authorization to use the same bank information to direct-deposit a stimulus payment.

 

However, the agency created a new “Get My Payment” tool to allow taxpayers to track their stimulus payments and provide banking information so that they could get a direct deposit rather than a mailed stimulus check. If you used the tool for either of the past two rounds of stimulus payments, you will probably be at the front of the line because the IRS has permission to make an electronic deposit of the payment.

 

 

Edited March 16, 2021 by Pib

[Pib]

8 hours ago, Pib said:

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.

 

 

Yeap...as expected my US bank just posted stimulus payment #3 at around 4:30am CT 16 Mar (U.S. date/time).  As mentioned earlier my bank's policy is to post direct deposits one day before the payment instructions effective date which is 17 Mar for this particular IRS stimulus payment.  

Heck, other banks like Chime have a policy to post direct deposits immediately even when received several days before the effective date.   And that is why people with Chime Bank accts who were getting a 17 Mar stimulus payment got their payment posted this past weekend.

I have now received stimulus #1, #2, and #3.   Thank you IRS for not messing up any of my stimulus payments as I know some were not as lucky.

 

[ubonjoe]

Just received the money into my Bangkok Bank Account. Copy of SMS.

IRS  TREAS 310 has transferred THB42,514.90 (USD1,[email protected] - THB200.00) from abroad into...... 

Five dollars missing from the $1400 is the fee for New York branch.

[cmarshall]

On 3/16/2021 at 12:58 PM, Pib said:

Stumbled across this 12 Mar 2021 Washington Post article which said the IRS can not use a bank acct info previous provided for "taxes owned" as apparently it doesn't provide them the required authorization to deposit funds...apparently only to debit funds.   

So for someone who provides bank acct info on their tax return to "pay taxes owed" versus for getting a refund or using some tax payment system like the IRS Direct Pay the bank acct info would not be used for a stimulus "payment." 

I have a counter-example.  A family member hasn't filed a tax return in years, but gets SS payments monthly into Bank A.  When the first disaster relief payment was made a year ago, I filed a return for him that generated a tax due of $20 identifying Bank B as the account from which the IRS should withdraw the $20.  The relief payment for 2020 was subsequently paid into bank A.  However, both relief payments for 2021 were deposited to Bank B.

[Pib]

1 hour ago, cmarshall said:

I have a counter-example.  A family member hasn't filed a tax return in years, but gets SS payments monthly into Bank A.  When the first disaster relief payment was made a year ago, I filed a return for him that generated a tax due of $20 identifying Bank B as the account from which the IRS should withdraw the $20.  The relief payment for 2020 was subsequently paid into bank A.  However, both relief payments for 2021 were deposited to Bank B.

 

I guess that's why the article threw in threw the "In general..." beginning phrase...as apparently in some cases the IRS will send to an acct they got an authorization before to pull money from.   And maybe the IRS changed their rule for 2021 payment....who knows as the IRS is a mysterious organization.  

Quote

You used the IRS “Get My Payment” tool to add bank information: In general, the IRS cannot use bank account information it has been given for taxes owed to electronically deposit stimulus payments.

 

[orang37]

like ubonjoe, received sms notification of deposit  today ????

thanks to ubonjoe, and p1b,  and others, for their time and energy keeping this thread  helpful !

~0:37;

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[Why Me]

Just now see GetMyPayment says the stimulus amount is to be deposited to my CU ac. in the US on Mar. 24. Finally they see the light after mailing checks to Thailand the last two times:-)

[watthong]

On 3/16/2021 at 5:00 PM, Pib said:

 

Yeap...as expected my US bank just posted stimulus payment #3 at around 4:30am CT 16 Mar (U.S. date/time).  As mentioned earlier my bank's policy is to post direct deposits one day before the payment instructions effective date which is 17 Mar for this particular IRS stimulus payment.  

Heck, other banks like Chime have a policy to post direct deposits immediately even when received several days before the effective date.   And that is why people with Chime Bank accts who were getting a 17 Mar stimulus payment got their payment posted this past weekend.

I have now received stimulus #1, #2, and #3.   Thank you IRS for not messing up any of my stimulus payments as I know some were not as lucky.

 

 

My personal experience was that stimulus 1 came in the form of a Trump-signature bearing check, to my US address. My family sent me photos of both front and back, and thanks to advice from folks on Thaivisa (especially Pib here) I was able to deposit it via my ipad app to my US credit union account.

 

Stimulus 2 came in the form of a debit card, again to the US address. I got the card number and phone number to get it authorized, then logged on to the EPI website to transfer the balance to my US credit union account, which happened pronto. Stimulus 3 came rather unexpected, as I had thought you needed to file your tax return of 2020 prior - and which I haven't gotten around to do. Nevertheless when I checked my US credit union account a couple of days ago, to my surprise IRS had made a direct deposit of 1400$ on Mar 22.

 

All of these payments came without much delay. The most delay was the debit card (stimulus 2) which took 3 weeks to arrive (from the day said stimulus package was passed = approved.)

Edited March 26, 2021 by watthong