Community Chat

[MorningLover]

I’ve heard that the checks are just an advance on our 2020 tax returns. Is this true?

Will this eat into my tax refund for 2020?

No. The ‘advance’ you’ve been hearing about is in reference to a special tax credit that’ll appear on the tax return you file in 2021 for the 2020 tax year — a tax credit that wouldn’t have been there if it wasn’t for these stimulus checks.

So the Internal Revenue Service isn’t giving you some of your 2020 tax refund upfront. The stimulus check will be in addition to what you would’ve otherwise expected.

Will it count towards my taxable income for 2020?

No. This money is not considered income. It won’t be taxable and it won’t affect your income tax bracket for 2020.

What if I don’t have to file income taxes?

You still don’t have to. And you will be accounted for.

If you’re a Social Security recipient, the Internal Revenue Service will use information from your SSA-1099 tax form (the one you received in January). You’ll get a direct deposit or a check in the mail from the Treasury — it’ll be the same way you usually receive your benefits from the Social Security Administration. This also goes for Social Security Disability Insurance recipients.

However, both Social Security and Social Security Disability recipients will need to take an additional step if they have dependents under the age of 17 and want to receive that extra $500, per the Social Security website, although specific steps haven’t been outlined just yet.

Anyone who doesn’t file income taxes OR get Social Security benefits should fill out the online Internal Revenue Service form that went live on Friday, April 10, allowing non-filers to get their stimulus payments.

The portal asks information such as your date of birth, current address, and Social Security numbers for all people who are eligible for payments, as well as optional information such as your direct deposit info...

More questions answered at 

https://money.com/stimulus-check-advance-tax-refund/

[ms traditional]

@I am still oxox 

from Google search

IRS suggested timeline : not cast in stone - general outline

The IRS is planning to send a first wave for the week that starts April 13

The tax authority will transmit 60 million payments via direct deposit

using the banking information it has on file for taxpayers’ 2018 or 2019 tax returns, 

That wave will include Social Security recipients who filed tax returns and included direct deposit information on their returns.

• The second wave will go to Social Security recipients who did not file 2018 or 2019 returns and receive their benefits through direct deposit.

• In early May, the IRS will start mailing paper checks to households, at a rate of 5 million per week. The paper checks will first go to the households with the lowest adjusted gross incomes, and continue upwards. It could take up to 20 weeks to mail out all those checks

The payments will go to anyone who is a U.S. citizen or resident alien who has a valid Social Security number, could not be claimed as a dependent of another taxpayer, and meets the income requirements.

People who haven’t filed taxes can submit their bank account information to register for the payments. The link can be found at irs.gov.

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feel free to Google some more.  

[gidgetgh]

I checked our account at about 7:30  morning and didn't see anything pending yet.

Ours will go to our Discover card bill for the ridiculous amount of groceries I've been buying. 

[I am still oxox]

@ms traditional 

Thank you , I totally understand that but who gets the check deposited first, why would Joe rather than Mary gets theirs first, does it go my SS number, how is the distribution determined is what I am trying to find out

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@ms traditional wrote:

@I am still oxox 

from Google search

IRS suggested timeline : not cast in stone - general outline

The IRS is planning to send a first wave for the week that starts April 13

The tax authority will transmit 60 million payments via direct deposit

using the banking information it has on file for taxpayers’ 2018 or 2019 tax returns, 

That wave will include Social Security recipients who filed tax returns and included direct deposit information on their returns.

• The second wave will go to Social Security recipients who did not file 2018 or 2019 returns and receive their benefits through direct deposit.

• In early May, the IRS will start mailing paper checks to households, at a rate of 5 million per week. The paper checks will first go to the households with the lowest adjusted gross incomes, and continue upwards. It could take up to 20 weeks to mail out all those checks

The payments will go to anyone who is a U.S. citizen or resident alien who has a valid Social Security number, could not be claimed as a dependent of another taxpayer, and meets the income requirements.

People who haven’t filed taxes can submit their bank account information to register for the payments. The link can be found at irs.gov.

-------------------------------------------

feel free to Google some more.  

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[ms traditional]

@I am still oxox 

maybe your congressional rep knows this amount of detail although Congress has nothing to do with it except the vote.  it's all happening out of the Executive Branch.  and  of course House is in recess - so not sure when congressional offices open.

with any luck you'll get it before you get the details!

[willdob3]

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@I am still oxox wrote:

@ms traditional 

Thank you , I totally understand that but who gets the check deposited first, why would Joe rather than Mary gets theirs first, does it go my SS number, how is the distribution determined is what I am trying to find out

---

@ms traditional wrote:

@I am still oxox 

from Google search

IRS suggested timeline : not cast in stone - general outline

The IRS is planning to send a first wave for the week that starts April 13

The tax authority will transmit 60 million payments via direct deposit

using the banking information it has on file for taxpayers’ 2018 or 2019 tax returns, 

That wave will include Social Security recipients who filed tax returns and included direct deposit information on their returns.

• The second wave will go to Social Security recipients who did not file 2018 or 2019 returns and receive their benefits through direct deposit.

• In early May, the IRS will start mailing paper checks to households, at a rate of 5 million per week. The paper checks will first go to the households with the lowest adjusted gross incomes, and continue upwards. It could take up to 20 weeks to mail out all those checks

The payments will go to anyone who is a U.S. citizen or resident alien who has a valid Social Security number, could not be claimed as a dependent of another taxpayer, and meets the income requirements.

People who haven’t filed taxes can submit their bank account information to register for the payments. The link can be found at irs.gov.

-------------------------------------------

feel free to Google some more.  

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@I am still oxox 

The government is capable of sending to both Joe and Mary at the same time. Those who filed taxes for 2018 and/or 2019 should be receiving the stimulus check via direct deposit very soon.

[MorningLover]

@I am still oxox  I found this info...

How to track your coronavirus stimulus check on April 17: This is what we know

The IRS will provide a tracker online where you can view the status of your payment. Here are the details.

Starting April 13, the first economic stimulus checks of up to $1,200 will start to go out for eligible taxpayers, beginning with people who have direct deposit set up with the IRS.  But just because the checks begin to post next week, doesn't mean that everyone will get their stimulus money on the first day, or even the first week.

After all, there will be tens of thousands of payments for the IRS to calculate and process. You'll be able to track your payment with the IRS, through a tracking tool that the agency will put on its website by April 17, the IRS told CNET. 

https://www.cnet.com/how-to/how-to-track-your-coronavirus-stimulus-check-on-april-17-this-is-what-we...

[ms traditional]

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@MorningLover wrote:

@I am still oxox  I found this info...

How to track your coronavirus stimulus check on April 17: This is what we know

The IRS will provide a tracker online where you can view the status of your payment. Here are the details.

Starting April 13, the first economic stimulus checks of up to $1,200 will start to go out for eligible taxpayers, beginning with people who have direct deposit set up with the IRS.  But just because the checks begin to post next week, doesn't mean that everyone will get their stimulus money on the first day, or even the first week.

After all, there will be tens of thousands of payments for the IRS to calculate and process. You'll be able to track your payment with the IRS, through a tracking tool that the agency will put on its website by April 17, the IRS told CNET. 

https://www.cnet.com/how-to/how-to-track-your-coronavirus-stimulus-check-on-april-17-this-is-what-we...

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on economic impact page at irs. gov there is a block ready to go live mid-April for filers to check payment status as mentioned above. 

[Carmie]

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@jackthebear wrote:

still think putting it in the bank is the way to go for when gov is looking for recompense for this next year. or if you give it away plan on how you will pay the tax on it 

"one hand gives, the other takes" and all that 

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This money will not be taxed and you do not have to pay it back...ever.

[FrostyBabe1]

IF I get a check, which I doubt will happen, it'll have to be a paper one. Until this year, I hadn't gotten a refund in over 20 years. That's fine with me, as I'd rather owe a small amount. This year's refund is going straight to my estimated payments for 2020.