Will I have any trouble getting my stimulus check? I filed 2018 and, I think 2017 as well, with TurboTax, and entered my Direct Deposit info on the return. However, the IRS has been keeping whatever refund I am owed to pay on student loan, which will hopefully be paid off in the next year or so, only owe between 3-4k now. Will they still have my banking info on file for purposes of receiving my $1,200 stimulus payment, or will I need to go input that on the IRS site, once they have that up and running?
@DavidD66 The IRS changed its position on non-filing Social Security & railroad retirement recipients yesterday. As intended by Congress, those recipients will NOT have to file a 2018 or 2019 return to get a check automatically. The IRS will use information from its copy of their 2019 SSA-1099 or RRB-1099, along with direct deposit info from SSA or RRB, to send their payments automatically.
@DavidD66 can you help me out? I have SSI (I know it's not Social Security.)
Therefore to be on the safe side I ''Want-- to file taxes, my question is how do I file it through TurboTax?
I can only file it if it says "attach copy of 2019 form ssa-1099"?
If there is no way to do it through TurboTax do you know any other free or even low cost how I can do it?
No, I understand that, I am just wondering, since I never actually got a direct deposit due to them keeping my refund, will they have my direct deposit info on file? Even though they withheld my check, the info WAS on my return. I don't want to suddenly find out mine is being sent through the mail because of that.
If we efiled through Turbo Tax and received a refund this year, will the IRS have OUR direct deposit info or the 3rd party they use to take the fees out. Turbo tax refunds get run through another bank before it gets to use so how will the IRS know who's account info to send the payment to?
Maybe ... details still to come if you used the refund processing option to have the TT fees withheld from the fed refund ... https://www.sbtpg.com/coronavirus-stimulus-payment-info/
SO look at your 2019 form 1040 at the DD info on page 2 ... if that is the same DD info for the Debit card (or your personal account) you have then the IRS already has the card info and will send it there automatically.
If not then it is still to be determined if the deposit will go thru the third party processing bank like the original refund OR if you will need to change that DD info in the IRS portal to be built OR just get a check.
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.
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
Patience will be needed while hard working folks are trying their best to develop and implement this distribution DURING a tax season AND a pandemic.
IF someone on SS benefits who is normally not required to file has DEPENDENTS under the age of 17 (grandparents raising grandchildren is all too common) then they DO need to either file a 2019 "simple" return when that option is available OR file a 2020 return next year to get the extra credit.
At this time there is no way to file a "simple" return and if you have no dependents to claim and you have SS benefits you do NOT need to file anything ... see this article :
Press reports from yesterday are the direct deposits are now expected to occur between April 9 and April 14 for taxpayers with those on social security (and no tax return) to follow in the two weeks after that..
The checks will then be issued BASED ON YOUR INCOME beginning April 24. They will be processed in $10,000 earnings increments weekly. So those with incomes below $10,000 would receive then beginning April 24, those with $20,000 earnings would be expected to receive them the week of May 1, etc.
this is the best article I've read on the plan from a reputable source
The IRS will have your account information if you filed a 2018 or 2019 tax return and it included your banking information. If you are receiving SS or RR benefits the IRS will use the banking information associated with those accounts.