I didn’t know I had to register. The IRS had my info on file for the first round of stimulus payments so I figured they’d just do the same thing this time around. Apparently you’re supposed to register for it? The wording is unclear to me. But the response after filling in that form, at least for me, was that they are mailing the check and not direct depositing it.
a lot of people also ended up having to get checks even though they filed last year and everything. If you used any of the "pay for your e-filing with your tax refund", "get your tax refund as an amazon gift card with a 5% bonus!" etc type arrangements, your tax filing company actually was the bank account of record and the IRS has to send you a check since they don't have real banking info for you.
I'm not the above poster, but I took your comment to mean direct deposit from your employer to your account, not direct deposit from the IRS to your account (for tax refunds, which is what I assume the above poster means).
To add to this, as I understand it if you have a SS card with the words “not valid for employment” then the IRS doesn’t consider it valid for the stimulus, even if you’ve been filing W2s for years. You have to apply for a new card so the SS database gets updated with the fact that you have a valid SSN.
At least that’s what I’m hoping, so my wife and I can finally collect that $2400 on our next tax return.
The stimulus checks were essentially prepaid tax credits. If you weren’t eligible based on 2019 income, but you were eligible based on 2020, you’ll get the credits when you file your 2020 taxes.
Sigh... my wife and I haven’t gotten this stimulus check yet. Every month, the IRS website has no update on our status. We filed our taxes early and even got our tax refunds before the normal April 15th deadline. They clearly have our information and our accountant confirmed that we 100% qualify. It’s very frustrating to hear this when we (and many others) haven’t received anything. Especially since that extra money could have helped relieve a lot of stress when I was job hunting because of COVID layoffs.
I can't find any mention in the article that this will obviously be corrected next year.
Because the $1,200 checks are just an advance refund on your 2020 tax return (to file in 2021).
If you get and cash a stimulus check you don't deserve, you'll need to pay it back on your return next year.
Just like if you didn't get a stimulus check you deserved because of IRS mixup (like me), you'll just get it as an additional refund on your return next year.
Considering the speed these checks got sent out, there were bound to be errors. It's not ideal, but it's not a huge problem because everything will be properly sorted out on the actual tax returns.
thank goodness. I received an ambiguous letter from the IRS last week talking about how I may need to file something special this year related to the $1400 covid credit. I was going to login to the IRS site to get more details until I saw the facial ID requirement and quickly noped away from there.
Have you checked your tax transcript? When you go to that page on your IRS account, you get 4 boxes to choose from. 2020 should be in all boxes by now. I think it is the top left one, but once that is populated your refund has been put in the queue.
My data showed up there about a week and a half ago, and I got the direct deposit yesterday (with interest). A coworker had his data show up at the same time but he is still waiting on the paper check.
At what point did you need to use a credit card to receive your economic stimulus payment? I simply confirmed my most recent tax year information when I claimed mine.
I was trying to figure out where this was myself, digging thru last year's tax forms. Looks like you need to itemize and complete a Schedule A to use it.
> Manually file your 83(b). Don't use Carta to do it. Instead, download the form from the IRS website, fill it out, and mail it to the IRS within the strict 30-day deadline. You'll need to get a signature from your spouse, too.
I could be wrong but last time I checked the IRS doesn't provide an official form for this. It does provide a sample election letter[1] but this sample does not include a space for a spouse to sign. You'd need to include an additional line for this yourself in the letter you draft if you wanted it.
Don't forget: if you do this yourself make sure to mail it certified mail with return receipt as physical evidence that it was delivered.
A few months after delivery you can also call any IRS service center and ask them to verify they have the letter on file (these days everything is scanned into the system so any IRS person can find it vs. having to call the center that received it).
This part I actually don't think is that complicated. Only one of those bank accounts paid a tax liability or received a tax refund last year. The same one will receive this direct deposit.
Is there even a reason we have to file? My understanding is that if you don't file, the IRS knows about your W2 or 1099s anyway and will punish you, so what's even the point of filing yourself? Just have the IRS send a check or bill in the mail in April and end this nonsense industry.
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