IRS: Economic impact payments: What you need to know

[Alley_Dweller]

The IRS has posted News Release IR-2020-61 which contains the latest information about the distribution of the Economic Impact Payments (the $1200 checks).

It includes answers to the following questions:

[ul]
[li]Who is eligible for the economic impact payment?[/li][li]How will the IRS know where to send my payment?[/li][li]The IRS does not have my direct deposit information. What can I do?[/li][li]I am not typically required to file a tax return. Can I still receive my payment?[/li][li]How can I file the tax return needed to receive my economic impact payment?[/li][li]I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?[/li][li]I need to file a tax return. How long are the economic impact payments available?[/li][li]Where can I get more information?[/li][/ul]

[galen_ubal]

I found this bit interesting:

The IRS does not have my direct deposit information. What can I do?
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.

It’s probably a minority situation, but I’m in it, and it may speed things along.

[Alley_Dweller]

@galen_ubal

I found this bit interesting:

It’s probably a minority situation, but I’m in it, and it may speed things along.

Don’t count on being able to enter an Australian bank account.

But I suspect that Russian hackers are going to find a way to exploit this.

[galen_ubal]

@galen_ubal

I found this bit interesting:

It’s probably a minority situation, but I’m in it, and it may speed things along.

@Alley_Dweller

Don’t count on being able to enter an Australian bank account.

But I suspect that Russian hackers are going to find a way to exploit this.

Huh. Did some digging and you’re right - direct deposit is only good for a US bank*. Pity.
Fortunately, my economic situation is pretty good; it’ll help, but it’s not necessary.

As far as your second point - the IRS already does a fair bit of transfers, not to mention all the other direct deposits from businesses and individuals, and I haven’t heard anything about Russian hackers (or anyone else) exploiting it.

*At least for refunds - I assume it’d be the same for the stimulus payment.

[Alley_Dweller]

@galen_ubal

As far as your second point - the IRS already does a fair bit of transfers, not to mention all the other direct deposits from businesses and individuals, and I haven’t heard anything about Russian hackers (or anyone else) exploiting it.

Yeah, sure. But they’ve never put together a web site to collect banking information from everyone in the country before. And they have to hastily throw it together in a week or two. What could go wrong?

I’m not really worried about them stealing the information from the IRS or somehow hacking the payment distribution system. I’m more worried about them using the web site to enter fake information for millions of taxpayers.

[galen_ubal]

@Alley_Dweller

Yeah, sure. But they’ve never put together a web site to collect banking information from everyone in the country before. And they have to hastily throw it together in a week or two. What could go wrong?

I’m not really worried about them stealing the information from the IRS or somehow hacking the payment distribution system. I’m more worried about them using the web site to enter fake information for millions of taxpayers.

True, but that sort of phishing is a chronic problem - it’s been happening for years, and will happen for years more, probably forever. Fake emails, Facebook, etc. Hell, long before current tech, confidence men used the same techniques. Some will fall for it, and that’s too bad. I’m not being complacent - there will be a rise in phishing - but the response is going to be the same as it always has, to phishing emails and sneaky Facebook posts. Be aware, be suspicious of odd ones, and double-check.

[cmore]

I didn’t see anything about the additional weekly payments that were supposed to be in addition to unemployment checks.

to the tune of $600 a week for a few months.

any news on this that anyone knows about?

[ZipperJJ]

@cmore

I didn’t see anything about the additional weekly payments that were supposed to be in addition to unemployment checks.

to the tune of $600 a week for a few months.

any news on this that anyone knows about?

That would be a matter for your state unemployment system wouldn’t it? Not the IRS.

[cmore]

@ZipperJJ

That would be a matter for your state unemployment system wouldn’t it? Not the IRS.

I was pretty sure I’d heard it was going to be fedral assistance, in addition to the state program.

[Chisquirrel]

@cmore

I was pretty sure I’d heard it was going to be fedral assistance, in addition to the state program.

It was in the House “plan”, but removed for the final bill.

[ZipperJJ]

@cmore

I was pretty sure I’d heard it was going to be fedral assistance, in addition to the state program.

I assume it it federal assistance paid to the states to then distribute via their unemployment systems.

[Smapti]

@Alley_Dweller

Yeah, sure. But they’ve never put together a web site to collect banking information from everyone in the country before. And they have to hastily throw it together in a week or two. What could go wrong?

If you receive your tax refund by direct deposit, or pay electronically, they already have your banking info.

[Lumpy]

I keep seeing “up to” $1200. Who will get less?

ETA: and will that count against state unemployment payments?

[Alley_Dweller]

@Lumpy

I keep seeing “up to” $1200. Who will get less?

ETA: and will that count against state unemployment payments?

If your Adjusted Gross Income (AGI) is over $75,000 (Single or MFS), $150,000 (MFJ) or $112,500 (HoH), you will get less. If you can be claimed as a dependent, you will get none, but if you are under 17 your parents might get extra.

No, it will not count against unemployment payments.

[cmore]

the full text of the relief package can be found here

final-final-cares-act.pdf

which I found on this page

Here’s what the historic $2 trillion coronavirus stimulus package will do to...

I searched the document for “self-employed”, and there were several times that term came up, and it seemed to have descriptions of the the help being offered, but reading all of the info, in its legalese form, on my phone, was more confusing than helpful.

*misspelled federal somehow in previous ^ post. it’s not because I don’t know how to.

[Senegoid]

@Alley_Dweller

Yeah, sure. But they’ve never put together a web site to collect banking information from everyone in the country before. And they have to hastily throw it together in a week or two. What could go wrong?

That can’t be right. Filing tax returns on-line has been a thing for some years now, and those on-line tax returns certainly collect banking information for refunds just like the dead-tree forms do.

[Alley_Dweller]

@Senegoid

That can’t be right. Filing tax returns on-line has been a thing for some years now, and those on-line tax returns certainly collect banking information for refunds just like the dead-tree forms do.

But the IRS has never had a web site where random people on the internet can just enter their tax returns. All e-filed tax returns have to be submitted through certified e-file providers. No, when you use Turbotax, you are not sending your return directly to the IRS. And there is no web site that lets anybody with a computer override banking information that was previously provided (or not provided) with a filed return.

And before you mention Free File Fillable Forms, despite the fact there is a link to it on the IRS web site, it is not administered by the IRS and your data does not get sent directly to the IRS.