What is IRS treas 310 tax ref

[VolvoGirl]

Again.......The IRS has started paying interest on Refunds. See IRS notice August 18, 2020
https://www.irs.gov/newsroom/13-point-9-million-americans-to-receive-irs-tax-refund-interest-taxable...

Write a big note to yourself in your tax papers for it so you remember to enter the interest into your return next year as it will be taxable interest income.

[DoninGA]

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@Dancien20 wrote:

That is my confusion.  I have already received my federal and state refunds.  And I didn't  think I qualified for a stimulus check.

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That is interest for the federal tax refund.

Go to this IRS website for information - https://www.irs.gov/newsroom/13-point-9-million-americans-to-receive-irs-tax-refund-interest-taxable...

[shiningdora]

I've already gotten both my tax return and the $1200 package, but I still see a pending deposit of $12.04 today. Any idea what that is?

[VolvoGirl]

Nobody is reading the answers already given.   The IRS has started paying interest on Refunds.  See IRS notice posted August 18, 2020

https://www.irs.gov/newsroom/13-point-9-million-americans-to-receive-irs-tax-refund-interest-taxable...

Write a big note to yourself in your tax papers for it so you remember to enter the interest into your return next year as it will be taxable interest income.

[CLR55]

I just received a direct deposit from the IRS of $1356.40 w/ the description: IRS TREAS 310 TAX REF 082020.  Not exactly a round number and by my accounting I've already received all of my tax refunds.  Could this be a stimulus check?

[Critter-3]

Most likely ... if your income is in the phase out range then that would account for the odd number ...

Calculating My Economic Impact Payment

Q24. How do I determine the amount of my Economic Impact Payment? (updated August 3, 2020)

A24. Eligible individuals who file a joint tax return will receive up to $2,400 and all other eligible individuals will receive up to $1,200. Those with qualifying children will receive up to an additional $500 per qualifying child. A qualifying child is a child who meets the conditions outlined on our Qualifying Child Requirements page.
Eligible individuals don’t need a minimum income for the Payment. However, for higher income individuals, the Payment amount is reduced by 5% of the amount that their adjusted gross income exceeds:

• $150,000 for taxpayers filing a joint return
• $112,500 for taxpayers filing as head of household
• $75,000 for all others

The $1,200 Payment for eligible individuals with no qualifying children ($2,400 for married couples filing a joint return) will be reduced to $0 once adjusted gross income reaches the following thresholds:

• $198,000 for taxpayers filing a joint return
• $136,500 for taxpayers filing as head of household
• $99,000 for all others
  Each of these adjusted gross income threshold amounts increases by $10,000 for each additional qualifying child.
  For example, because families with one qualifying child receive an additional $500 Payment, their $1,700 Payment ($2,900 for married couples filing a joint return) will be reduced to $0 once adjusted gross income reaches the following thresholds:

• $208,000 for taxpayers filing a joint return
• $146,500 for taxpayers filing as head of household
• $109,000 for all others

Follow examples in How do I calculate my EIP? (PDF) chart to determine your payment amount.

[kirk11]

Hello Kay did you ever find out anything i just got one today and i'm in the exact situation?.

[kirk11]

ok so what does your answer mean?.

[Anonymous]

most likely it is the IRS paying interest for paying your tax refund late.   if it is it's taxable in 2020. 

The IRS announced this week that it owes interest payments to nearly 14 million Americans who received their tax refunds after 4/15 or are still owed refunds.  It says the average is about $18. 

[NU7G]

I'm told the first part indicates a refund was made. But what does the 040319 refer to?

[xmasbaby0]

https://www.irs.gov/newsroom/13-point-9-million-americans-to-receive-irs-tax-refund-interest-taxable...

[kirk11]

Thank you H, Mine was $12.12.

[mtbrown]

i received a payment last week in my checking account for AC-IRS TREAS 310 - TAX REF $14.14. what is this? i should be receiving another $500 for a baby i had in 2019 but i have already received a stimulus for my older child and me and my tax return so i am not really sure what this is for.

[VolvoGirl]

Again, 

The IRS has started paying interest on Refunds.  See IRS notice posted August 18, 2020

https://www.irs.gov/newsroom/13-point-9-million-americans-to-receive-irs-tax-refund-interest-taxable...

Write a big note to yourself in your tax papers for it so you remember to enter the interest into your return next year as it will be taxable interest income.

[Critter-3]

From the IRS FAQs : https://www.irs.gov/coronavirus/economic-impact-payment-information-center

 

Q29. I think the amount of my Economic Impact Payment is incorrect. What can I do? (updated May 14, ...

A29. Payment amounts vary based on income, filing status and family size. If you filed a 2019 tax return, the IRS used information from it about you, your spouse, your income, filing status and qualifying children to calculate the amount and issue your Payment. If you haven’t filed your 2019 return or it has not been processed yet, the IRS used the information from your 2018 return to calculate the amount and issue your Payment. The IRS is not able to correct or issue additional payments at this time and will provide further details on IRS.gov on the action people may need to take in the future.

If you did not receive the full amount to which you believe you are entitled, you will be able to claim the additional amount when you file your 2020 tax return.  This is particularly important for individuals who may be entitled to the additional $500 per qualifying child payments. We encourage everyone to review our “How do I calculate my EIP Payment” question and answer (See question 21).

Keep the Notice 1444, Your Economic Impact Payment, you will receive regarding your Economic Stimulus Payment with your records. This notice will be mailed to each recipient’s last known address within a few weeks after the Payment is made. When you file your 2020 tax return next year, you can refer to Notice 1444 and claim additional credits on your 2020 tax return if you are eligible for them. The IRS will provide further details on IRS.gov on the action they may need to take.