Second Stimulus Timing

[NCperson]

@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)

[NCperson]

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.

[fanfare]

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.

[NCperson]

@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 

[fanfare]

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".

[SteamTrain]

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.

[fanfare]

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.

[NCperson]

@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. 

[fanfare]

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

[Santigo]

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

[DoninGA]

---

@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...

[erniewwrightii]

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

[NCperson]

@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. 

[Grunt112]

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.

[NCperson]

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.