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cassandramama
New Member

Anybody heard anything definite about stimulus payment

 
3 Replies
RobertG
Expert Alumni

Anybody heard anything definite about stimulus payment

Here is what the IRS says:

 

Who is eligible for the economic impact payment?

 

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return. 

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.

 

How will the IRS know where to send my payment?

The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

 

Economic impact payments: What you need to know

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dham189
New Member

Anybody heard anything definite about stimulus payment

What happens if the bank account is closed for the second? I can't find the option for the 1040 in turbotax to claim it.

DianeW777
Expert Alumni

Anybody heard anything definite about stimulus payment

If your bank account was closed, and if the IRS send the second stimulus payment to that account, the bank or financial institution will see that there is not an account to deposit to. This payment is automatically sent back to the IRS.

 

There were some IRS issues with the second stimulus deposits. For those who did not receive their second stimulus check there is a Recovery Rebate Credit that will part of your tax return which will include it with the rest of your refund.  Please use the links below for more information. 

  1. When will I get my second stimulus check? (scroll to this question when you select the hyperlink)
  2. Why haven't I received my second stimulus check?
  3. IRS Recovery Rebate Credit

In TurboTax Online once your return is open, select Wages & Income (to enter the tax return).

Select Federal Review at the top of the page > Continue to answer the questions for Let's make sure you got the right stimulus amount

TurboTax will calculate the remaining stimulus payment you are allowed and combine with any refund you have already calculated.

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