to those who have received: via DD, or via check in the mail? how was that decision made?
to those who have received: via DD, or via check in the mail? how was that decision made?
In reply to AngryCorvair :
Ours came direct deposit. My understanding that is because we had already done our taxes and received the refund that way.
We got ours today. They do seem to be calculating down to the penny for being above the income threshold. We are trying to spend what we received all at small local businesses, even for stuff we wouldn't really get otherwise, like the local father and son mechanic who are good to us, our favorite local restaurant, and a tree service for example. Most of that I was usually do myself, but the more this money gets spread around the local economy the better for everyone.
There isn't much information, but they do have a general status report that you can run to see if it's been deposited or if a check has been cut: https://sa.www4.irs.gov/irfof-wmsp/
AngryCorvair said:to those who have received: via DD, or via check in the mail? how was that decision made?
Mine was DD into the same account I had my tax returns dumped. Just automatic.
I also heard (but don't know for sure) that if you owed taxes and paid via bank draft, they use that to DD funds to the same account.
My neighbors received a check in the mail because they do their taxes old-school with a written check.
The decision is made based on how you filed your last returns. If you did a bank draft (owed) or a direct deposit (refund) it uses that account and tracking number.
If you didn't file 2018 or 2019, you won't receive until you file; either by actually filing a return, or by going to the easy e-file, which (as my disabled other neighbor reports) is basically, "I'm here, my SSN number is [this], and I made 8k on disability, please send money" Others report that if you're on disability, the social security administration already knows you exist and they'll send it. It's possible my disabled neighbor didn't need to do the easy e-file and her actions were redundant, but she didn't want to wait.
The stimulus money is available (according to Forbes and WSJ) through the end of 2020, so if you're one of the ones that doesn't automatically receive money, you can file through the rest of the year to get it.
Curtis73 (Forum Supporter) said:It would be nice if it were a fair payment scale. The news says $1200 for up to $75k income, then less and less until you reach high 6-figures, then you get nothing.
What they don't report is that if you earn over $1M, you're getting the equivalent of about $1.7M in tax breaks and funds. Per person.
Clearly a partisan report filled with hyperbole and misleading phrases, and I promise I'm not making this political, just food for thought. I'm not a conspiracy theorist, but there has been a lot of "look over here and panic while we shove this legislation through."
As far as the check/deposit itself, you get the full $1200 up to $75k AGI in 2019, winding down to $0 if you made $99,001 AGI last year on your taxes.
But yes, there is a bunch stuff shoved into that bill that has nothing to do with helping people and businesses who are struggling.
thanks for the info. i'm pretty sure i owed $ last year and mailed in a check. i should keep records of that kind of thing LOL.
In reply to mtn (Forum Supporter) :
Good to hear that any coronakid pooped out in 2020 qualify, as the Hellspawm is due in June.
In reply to wae (Forum Supporter) :
Interesting, I went to this site to check. I have paid both my 2018 and 2019 taxes by draft from my bank account, im self employed so I always owe something. Filed married jointly and income well below the cutoff threshold, and the answer was "we don't have enough information to determine if you are eligible for a payment"
I checked because I had not gotten a definitive answer if you pay your taxes via bank draft would they sent the payment via direct deposit or would you have to enter banking information.
This should go a long way towards clearing up most questions:
Hello taxpayers,
Sometime this year, taxpayers will receive an economic stimulus payment.
It is indeed a very exciting program, and I’ll begin to explain it by using a Q&A format:
Q: What is an Economic Stimulus payment?
A: It is money that the federal government will send to taxpayers.
Q: Where will the government get this money?
A: From taxpayers.
Q: So, the government is giving me back my own money?
A: Only a smidgen of it.
Q: What is the purpose of this payment?
A: The plan is for you to use the money to purchase a high definition television set, a new iPad, or a new SUV; thus stimulating the economy.
Q: Isn’t that stimulating the economy of China?
A: Shut up.
Below is some helpful advice on how to best help the U. S. Economy with and your stimulus check wisely:
* If you spend the stimulus money at Walmart the money will go to China or Sri Lanka.
* if you spend it on gasoline, your money goes to the Arabs.
* if you purchase a computer; it goes to India, Taiwan or China.
* if you purchase fruits and vegetables; it will go to Mexico, Honduras and Guatemala.
* if you buy an efficient car, it will go to Japan or Korea.
* if you purchase useless stuff, it goes to Taiwan.
* if you pay off your credit card or buy stock, it will go to management bonuses and they will hide it offshore.
Instead, keep the money in America by:
(1) Spending it at a yard sale, or
(2) Going to a ballgame, or
(3) Spending it on prostitutes, or
(4) Beer, or
(5) Tattoos
(These are the only American businesses still operating in the U.S.)
CONCLUSION: Go to a ballgame with a tattooed prostitute that you met at a yard sale and drink beer all day.
We havent gotten ours yet but should see the full $2400. Which is nice because I owe $2500 on 2019 taxes that i havent filed yet.
Fladiver64 (Forum Supporter) said:In reply to wae (Forum Supporter) :
if you pay your taxes via bank draft would they sent the payment via direct deposit or would you have to enter banking information.
from the IRS FAQ:
Do I need to take action?
People who filed a tax return for 2019 or 2018
No additional action is needed by taxpayers who:
- have already filed their tax returns this year for 2019. The IRS will use this information to calculate the payment amount.
- haven’t filed yet for 2019 but filed a 2018 federal tax return. For these taxpayers the IRS will use their information from 2018 tax filings to make the Economic Impact Payment calculations.
AngryCorvair said:to those who have received: via DD, or via check in the mail? how was that decision made?
From what I understand, if the IRS has your direct deposit info you will get it that way. If not it will come by mail but it will be starting at the bottom of the income bracket and moving up so if you are at the top, you might not get it until August or September.
Got mine.
Hmmmm........ Challenge car?
Costco So smart
In reply to Fueled by Caffeine :
$1,199.99? No E36 M3? 
Wow. I checked. $3,400 has been deposited today.
A little bit of complexity...for 2018 I properly claimed a foster kid as a dependent. He was not my dependent for all of 2019 and not at all for 2020.
Tom Suddard said:Oh, and I changed the title of this thread to remove the shade.
I don't see how it involved shade, but okay.
mtn (Forum Supporter) said:Friend of a friend - wife is a CPA, he is a Pharm.D, so high income - just got theirs for $1,586.32. Appears that they're doing the phase out down to the penny. I don't know why that surprises me other than I read that it is decreased $5 for every $100 in income over the threshold.
A CPA and a pharmacist and they managed to have a combined AGI around 167,000? Either I need to hire that guy to do my taxes or they don't make all that much for their professions (perhaps they are young?). I would've thought they'd be over the $198,000 limit and get nothing.
My older son got his yesterday.
Haven't gotten it yet, but also not hurting.
Also haven't filed 2019 yet, but just about the same AGI. Might be getting it in the mail at some point as I make sure we owe and then I just use my credit card.
T.J. (FS) said:mtn (Forum Supporter) said:Friend of a friend - wife is a CPA, he is a Pharm.D, so high income - just got theirs for $1,586.32. Appears that they're doing the phase out down to the penny. I don't know why that surprises me other than I read that it is decreased $5 for every $100 in income over the threshold.
A CPA and a pharmacist and they managed to have a combined AGI around 167,000? Either I need to hire that guy to do my taxes or they don't make all that much for their professions (perhaps they are young?). I would've thought they'd be over the $198,000 limit and get nothing.
My older son got his yesterday.
Friend of a friend, no clue... I know they're around 30, live in a LOCA, and have at least 1 kid. But I'm not privy to any of their information other than the amount of stimulus they got.
Fladiver64 (Forum Supporter) said:In reply to wae (Forum Supporter) :
Interesting, I went to this site to check. I have paid both my 2018 and 2019 taxes by draft from my bank account, im self employed so I always owe something. Filed married jointly and income well below the cutoff threshold, and the answer was "we don't have enough information to determine if you are eligible for a payment"
I checked because I had not gotten a definitive answer if you pay your taxes via bank draft would they sent the payment via direct deposit or would you have to enter banking information.
I got the same answer and I'm in the same employment boat as you. Hooray......
Got mine today! Truck driver?
In reply to Curtis73 (Forum Supporter) :
It would be nice if it were a fair payment scale. The news says $1200 for up to $75k income, then less and less until you reach high 6-figures, then you get nothing.
What they don't report is that if you earn over $1M, you're getting the equivalent of about $1.7M in tax breaks and funds. Per person.
Clearly a partisan report filled with hyperbole and misleading phrases, and I promise I'm not making this political, just food for thought. I'm not a conspiracy theorist, but there has been a lot of "look over here and panic while we shove this legislation through."
That article was grossly misleading, in more ways than I could count. So I’ll just stick to the headline. If the headline ends in a question mark, it usually means that they omitted info that doesn’t support where the headline leads. Millionaires each getting a $1.7 million stimulus check. No, it’s a tax break. More tax break dollars usually go to higher earning individuals and businesses because they pay more tax dollars in the first place. They aren’t really getting more money, less of their money is just being taken from them. That really shouldn’t be controversial. But the article purposely skews their chart to stoke controversy. They start will small breakdowns- $10k, 25, 50, etc. up to $1mil. Then lump all individuals and businesses from $1 mil up into the same basket, and then average the “stimulus check” that they are getting, implying little difference between what a profitable small business owner gets Vs. Amazon and Apple. They purposely grouped 80+ percent of their subjects in the same group and equated the 20% with the 99%!
That said, fair is probably the most misused word in the English language today. Just agreeing on what fair meant would take forever, and probably never be agreed upon. Even if it was, a system that distributed the stimulus fairly would take even longer to put together. For the sake of argument, let’s assume that it’s agreed upon that the stimulus was necessary and the right decision. To do any good, it needed to be done quickly. If it is necessary, is an imperfect, unfair stimulus better than none at all?
In reality, the stimulus is unbalanced to the needs of everyone’s individual situation. The thought was better to cover most everyone that might need it than leave many of those in need out. There will be lots of people where it isn’t enough, and lots of people who make out like bandits.
I'm reading "Stress Test," Tim Geithner's book about the 2008-09 crisis.
One of his points is that politicians in '08 spent too much time trying to avoid bailing out people that didn't deserve it (bankers, speculators, the wealthy). A more general critique of the 08 crisis is that banks and other companies received massive amounts of money but individuals received very little.
I think that our current crop of politicians mostly took that to heart-they went big, wide and early with the stimulus and unemployment. Yes, some people will get money that they don't need, but we don't seem to be making the same mistake twice.
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