Same for us. Supposed to be deposited tomorrow (4/15).
Not accurate.
The mention of a credit for 2020 was a mere workaround so that money could be distributed sooner. Pretend that the law says “free money.” This will not change what you owe or receive next year.
Here is an issue I have. A client is married filing jointly. For last year’s tax return they used a bank account solely in his wife’s name. His wife has also piled up massive credit card debts with that same bank that she defaulted on.
If the stimulus check is sent to that bank, then the bank will take it to satisfy the unpaid debt. He wants to ensure that the IRS direct deposits the check in their new joint account so that doesn’t happen.
However, there seems to be no way to do that because the tool to update the bank information does not go online until AFTER many of the direct deposits go out. This guy needs to just hope that the government holds off for him until the tool becomes available.
It is pretty silly to send out direct deposits before there is a way to ensure that it is not going to a closed or indebted account.
My bank won’t accept a joint return unless both names are on the account, so possibly he could talk to the bank and let them know he doesn’t consent for his share of the stimulus going into her account. That’s a bank-by-bank decision.
The reason that deposits show up as ‘pending’ before they actually hit the account is so that the bank can reject them and tell the IRS that it is a closed or other ineligible account (but an indebted account is another matter).
Mine is pending in my bank account
I received an e-mail from my bank this morning saying they expect to start receiving the payments tomorrow.
It can increase what you receive next year.
If the amount of stimulus you are entitled to based on your 2020 return is larger than the amount you received during 2020, you will get the difference. If it is less, you will not have to pay back the difference.
Interesting. My bank is a small credit union (not on that list).
It is illegal in the United States for banks to take money from deposit accounts to satisfy credit card debt without either the depositor’s consent or a levy order. 15 USC § 1666h
It appeared in the account I use for my federal tax payments/refunds today.
And yeah, Duckster, the advance credit is structured so that your final net tax obligation in April of 2021 (for those eligible under the earning threshold) is to be unchanged unless you become eligible for more credit.
Ours is pending in our bank account to be deposited tomorrow. We were just barely under the AGI threshold to get the full amount in 2019 - go us, I guess.
The stimulus money is unfunded. There is nothing in the legislation stating where the money to pay for the checks is coming from. The government has to pay for this money by either (1) raising taxes, (2) selling debt, (3) selling assets, or any combination of the three. The legislation does not address any of this. And let’s not foreget the rest of the stimulus package going to the uber-wealthy. You can bet they will be getting it as free money, paid for by someone else.
A fourth option is in the form of a “rebate.” And that is in the legislation. Unless Congress passes new legislation addressing how to pay for the stimulus using one or more of the methods above, those getting a stimulus check will be on the hook somewhere down the road and will have to pay it back. Of course, if that happens, it will be a different Congress and hopefully, a different president, who will endure the wrath of the taxpayers.
Legislation authorizing funding doesn’t have to specify how it is funded, and that is true whether the legislation is for a stimulus or a new aircraft carrier; the Treasury is responsible for figuring where the money is coming from. The main tool the Treasury has is selling debt, which they are already doing.
AHA! I just checked my e-mail on Tuesday 4/14 at about 23:30 and found this there, apparently sent from my bank about a half hour ago!
Damn, my bank isn’t even on the list!
Also, no “pending” on the account.
Hm…
I checked my online banking information about half an hour ago, and found a deposit pending for April 15 for the full amount of our stimulus.
Which was a little odd, because my last tax return directed a little over a third of it into kaylasmom’s checking account (I also checked that online, and made certain there was no stimulus money pending deposit into hers). So I found a branch of her bank that will be open tomorrow and made an appointment to close the account.
And possibly a further data point that does NOT support the hypothesis that small banks are being handled first: My bank is Chase.
“Stimulus Checks May Be Delayed Because Trump Wants His Name Printed On Them”
Well my bank is on that list as 4/15 but I have no deposit and no pending. Am most definitely very much under the $75,000 threshold.
As I’ll be getting a paper check, I don’t expect it until mid-May. Oh, well.
Showed up about an hour ago; already moved into savings.
Was bad, and did go buy a book on Amazon.