topic Re: Second Stimulus Timing in Get your taxes done using TurboTax

Second Stimulus Timing

NCperson — Tue, 29 Dec 2020 13:19:55 GMT

@rjs @VolvoGirl @fanfare @xmasbaby0 @Critter-3

This was published in the Wall Street Journal today and begins to explain the timing and how these 2nd payments are going to occur:

"To avoid sending money during tax-filing season, Congress established a Jan. 15 deadline for making the stimulus payments. Eligible individuals who don’t receive a check or direct deposit by that date will have to request a $600 refund when filing 2020 tax returns. "

That means the IRS is going to have to change how the EIP form that ties to Line 30 works prior to opening up the submission window in late January..... and it's how they are going to ensure that there isn't any unintentional 'double dipping' (I get a stimulus payment and I fail to state that on my 2020 tax return)

Re: Second Stimulus Timing

NCperson — Tue, 29 Dec 2020 13:27:56 GMT

and sure enough this is what the tax bill states (page 1969 if anyone really cares)

‘‘(ii) DEADLINE.—
23 ‘‘(I) IN GENERAL.—Except as
24 provided in subclause (II), no refund
25 or credit shall be made or allowed
under this subsection after January
15, 2021.

Re: Second Stimulus Timing

fanfare — Tue, 29 Dec 2020 13:35:48 GMT

I don't buy your logic on that.

I guess we'll see.

You can't double dip. IRS knows whether they gave you an EIP.

Re: Second Stimulus Timing

NCperson — Tue, 29 Dec 2020 13:40:39 GMT

@fanfare - yes they would know if you double dipped, but from a control standpoint, they couldn't let all that money out the door and then try to collect it was the only point I was making..... sending out stimulus at the same time people were submitting their tax returns would have been a nightmare, but this Jan15 cut off mitigates that. that's all

Re: Second Stimulus Timing

fanfare — Tue, 29 Dec 2020 13:54:29 GMT

What nightmare? it's all borrowed and just bits on a computer tape.

I still don't get your logic.

The Treasury is rushing this very minute to get all that money "out the door".

Re: Second Stimulus Timing

SteamTrain — Tue, 29 Dec 2020 14:08:20 GMT

IF TTX was smart (who says they are ?).......they wouldn't allow their usual early filing of tax returns at all until late January at the soonest.

TTX "was" going to allow early filing and storage of simple tax returns at/after the first week in January . For which millions of desperate (or type A ) people will have indicated they didn't receive any stimulus...at least, not the second one. But it's in the mail. or hasn't been electronically sent yet. It'll be a filing nightmare if TTX doesn't change that ASAP.

Best for the IRS would be to not start accepting anything until mid-Feb at the earliest....assuming the get their tax forms ready long before that.

Re: Second Stimulus Timing

fanfare — Tue, 29 Dec 2020 14:24:58 GMT

Yes some may indicate 600 not received even if 1200 was received.

That is just wrong filing. IRS computers will catch all that nonsense.

That's exactly why I don't believe IRS will try to stuff 2021 EIP into 2020 tax return.

But what do I know.

Re: Second Stimulus Timing

NCperson — Tue, 29 Dec 2020 14:33:33 GMT

@fanfare - The IRS has no Congressional authority to send out payments after January 15, 2021. The law further states this 2nd stimulus (like the 1st one) is an advance of the 2020 tax return - not the 2021 tax return!

Once we get past January 15, 2021, the only way the IRS has to get the 2nd stimulus to taxpayers is through the 2020 tax return, which I suspect means re-tooling the EIP form that ties to Line 30.

Re: Second Stimulus Timing

fanfare — Tue, 29 Dec 2020 22:52:47 GMT

Well if the law does state that then certainly there will be delay opening the filing season !

Re: Second Stimulus Timing

Santigo — Thu, 31 Dec 2020 23:34:09 GMT

I change my bank information I wanna know will my pay go to my old account or this new account

Re: Second Stimulus Timing

DoninGA — Thu, 31 Dec 2020 23:36:29 GMT

@Santigo wrote:

I change my bank information I wanna know will my pay go to my old account or this new account

The payment will go to the account you entered for direct deposit on the 2019 tax return. If the account is closed the IRS will send the payment by mail or on a debit card.

Go to this IRS website for stimulus information - https://www.irs.gov/newsroom/treasury-and-irs-begin-delivering-second-round-of-economic-impact-payme...

Re: Second Stimulus Timing

erniewwrightii — Sun, 03 Jan 2021 02:26:28 GMT

Since my first round stimulus was sent to my turbo tax card can't I have it sent to same card

Re: Second Stimulus Timing

NCperson — Sun, 03 Jan 2021 02:49:47 GMT

@erniewwrightii - you can't change where it is going. if it successfully went to the card the first time, then that is where it is going to go. The IRS doesn't permit changes to banking information due to the risk of fraud.

Re: Second Stimulus Timing

Grunt112 — Mon, 04 Jan 2021 05:10:09 GMT

Hi my name is Adam it's going on January 4th and it seems like everyone has gotten there stimulus but me and it sucks I used the turbotax card for taxes and got the first one on it as well but I have had a negative balance on it since July but when I call and enter card number or use the app it just says what I'm negative it doesn't say it's closed or canceled I can't get ahold of anyone on the phone or anywhere really so an I still getting it on this card and if so why so long I so need it it's totally stressful. Thanks in advance.

Re: Second Stimulus Timing

NCperson — Mon, 04 Jan 2021 10:49:54 GMT

this website is supposed to be operational today

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

worst case: if your payment does not arrive, it will become a credit on your 2020 tax return.

Re: Second Stimulus Timing

RGrad19 — Mon, 04 Jan 2021 11:05:11 GMT

I would like to know as well. Following.

Re: Second Stimulus Timing

NCperson — Mon, 04 Jan 2021 11:08:31 GMT

this website is supposed to be operational today

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

worst case: if your payment does not arrive, it will become a credit on your 2020 tax return.

Re: Second Stimulus Timing

Jconway — Tue, 05 Jan 2021 15:23:04 GMT

Does anybody know how we can actually talk to a live person for Turbo Tax? My status from the IRS website shows it needs more information to receive my stimulus pay. When I researched this.. it says they may not have my direct deposit information... funny as I received the first one in my bank account just fine. My bank account information is the same. When I called the [phone number removed] they can send you a text message that says that turbo tax has been moved and the email goes to the main page for turbo tax.. so you can’t check anything. I just want to make sure a Turbo Tax has my correct direct deposit information.. How can I speak to someone?

Re: Second Stimulus Timing

Sharip3 — Tue, 05 Jan 2021 15:56:46 GMT

having same issue

Re: Second Stimulus Timing

Jenhannahman — Wed, 06 Jan 2021 00:33:18 GMT

Same here. This is my 6th year with the same info.