IRS Stimulus Check Portal is now Active

[Shroy123 749]

9 hours ago, Lucky Cat said:

Mine first said "We don't have enough information to process your payment"........then after I entered my bank info, it said "We will process your payment and deposit it in the bank account you provided"......I just tried to check it to see if I missed the date.....but I can't connect.....I guess the page is being hit pretty hard right now.........Hopefully, I will see a deposit soon...😄

Same here.. i entered my bank information this morning as well.. hopefully we all will get it super soon

[Shroy123 749]

3 hours ago, Wuozopo said:

I tried the stimulus tool again and it still worked for me, but slower than 6 hours ago. We have not filed 2019 yet. Seems like the issue is with ones who already filed 2019. They possibly know you filed but processing is still in progress. Yay for procrastination!

Payment Status

We scheduled your payment to be deposited on April 15, 2020 to the bank account below.

Bank Account Number: ************

If you don't see your payment credited to your account, check with your bank to verify they received it. We will mail you a letter with additional information on this payment.

If you need additional help or do not receive your payment, please visit our Frequently Asked Questions page.

Did you enter your bank information today?

[Wuozopo 4,293]

8 minutes ago, Shroy123 said:

Did you enter your bank information today?

No. My 2018 return had direct deposit info because I got a refund for 2018. I entered a SSN,  birth date, and address on the first screen and got “We scheduled your payment....etc”  There was no place to enter bank info because they had it. 
Anybody just entering bank info for the first time today wouldn’t already have a deposit scheduled for today.

Edited April 15, 2020 by Wuozopo

[Shroy123 749]

1 minute ago, Wuozopo said:

No. My 2018 return had direct deposit info because I got a return. I entered a SSN,  birth date, and address on the first screen and got “We scheduled your payment....etc”  There was no place to enter bank info because they had it. 
Anybody just entering bank info for the first time today wouldn’t already have a deposit scheduled for today.

Exactly my case. In 2018, i received a refund in my bank account as i gave them my bank info. 2019, i owed but paid taxes but still irs didnt schedule a payment. I had to enter my bank details to process the payment today

[Wuozopo 4,293]

11 minutes ago, Shroy123 said:

Exactly my case. In 2018, i received a refund in my bank account as i gave them my bank info. 2019, i owed but paid taxes but still irs didnt schedule a payment. I had to enter my bank details to process the payment today

I probably didn’t get the bank detail option today because my 2019 tax return is still sitting in TurboTax waiting for us to pull the trigger and file. We too owe in 2019. Capital gains blew the chance of a refund.

Edited April 15, 2020 by Wuozopo

[Sherja 17]

9 hours ago, Wuozopo said:

It will also give information on when payments will be deposited. Ours said today (4/15) and indeed it is already in the bank. 

Wow that’s amazing, I updated my info just now , hopefully I see my deposit soon 

[Sherja 17]

Is the stimulus check a loan? Will we be required to pay it back from our next tax return money??? A lot of friends are scared to use it think irs will just draw it from there next tax return amount 

[payxibka 10,045]

Just now, Sherja said:

Is the stimulus check a loan? Will we be required to pay it back from our next tax return money??? A lot of friends are scared to use it think irs will just draw it from there next tax return amount 

No, not a loan, however if you have taxable income of more than 75k as a single person,  or $150k as a married couple and you received a stimulus payment,  you may need to give it or a portion of it back

[Wuozopo 4,293]

5 minutes ago, Sherja said:

Is the stimulus check a loan? Will we be required to pay it back from our next tax return money??? A lot of friends are scared to use it think irs will just draw it from there next tax return amount 

It is not a loan. There is incorrect info out there and people who just don’t understand taxes.

 

On a 2020 Tax return (filed next year) examples —-
#1
Your Joint 2020 tax is $4000. You paid in through withholding from your paychecks $5000. You get a refund of $1000 because you overpaid. If you already got a stimulus check advance, then you get $1000 refund.

If you didn’t get your stimulus early (and qualify) then you get $1000+$2400 as your refund.

 

#2

Your Joint 2020 tax is $4000. You paid in through withholding from your paychecks $3000. You still owe the IRS $1000 because you underpaid. If you got the advance stimulus of $2400, you owe the IRS $1000 In tax just like if there was no stimulus at all.  
If you didn’t get the early $2400, you still owe the IRS the $1000 in tax, but they would offset it (give you a credit) for $2400. So you owe them $1000 and they owe you $2400. You get a $1400 refund instead of sending in your tax owed. 

[Ayrton 965]

11 minutes ago, payxibka said:

No, not a loan, however if you have taxable income of more than 75k as a single person,  or $150k as a married couple and you received a stimulus payment,  you may need to give it or a portion of it back

According to this article, if the person is eligible on either 2018 or 2019 and received the money, but their income changed in 2019 (not filed yet) or 2020, they don't need to give the money back.

 

Https://money.com/stimulus-check-advance-tax-refund/

[payxibka 10,045]

3 minutes ago, Ayrton said:

According to this article, if the person is eligible on either 2018 or 2019 and received the money, but their income changed in 2019 (not filed yet) or 2020, they don't need to give the money back.

 

Https://money.com/stimulus-check-advance-tax-refund/

That would be good.   Clawbacks sux 

[Sherja 17]

8 minutes ago, Wuozopo said:

It is not a loan. There is incorrect info out there and people who just don’t understand taxes.

 

On a 2020 Tax return (filed next year) examples —-
#1
Your Joint 2020 tax is $4000. You paid in through withholding from your paychecks $5000. You get a refund of $1000 because you overpaid. If you already got a stimulus check advance, then you get $1000 refund.

If you didn’t get your stimulus early (and qualify) then you get $1000+$2400 as your refund.

 

#2

Your Joint 2020 tax is $4000. You paid in through withholding from your paychecks $3000. You still owe the IRS $1000 because you underpaid. If you got the advance stimulus of $2400, you owe the IRS $1000 In tax just like if there was no stimulus at all.  
If you didn’t get the early $2400, you still owe the IRS the $1000 in tax, but they would offset it (give you a credit) for $2400. So you owe them $1000 and they owe you $2400. You get a $1400 refund instead of sending in your tax owed. 

Thank you 

[Shroy123 749]

12 hours ago, Lucky Cat said:

The IRS portal Stimulus Payment Portal is now active.  You can use this link to check eligibility and to submit your bank account information if the IRS does not currently have it (I usually owe every year, so they did not have my info).  You will need your SSN, Address,  information from your tax return, and your bank routing number & account number.  I just used it to tell them where to deposit my payment.

"Filers:  Get Your Payment" is the section I used.

https://www.irs.gov/coronavirus/economic-impact-payments

@Lucky Cat please let me know when you get your stimulus. I am in a similar situation

[stech786 236]

Will people already on social security/medicare get stimulus check

[juancarlos 126]

Do you know if F-1 visa holders get the stimulus check? I filled out my taxes forms (1040NR-EZ) a week ago.