Stimulus money is arriving

[sophieanne]

Hi everyone..I hope everyone is doing well and staying safe. I checked my bank account this morning and our stimulus money is pending for the 15th. We filed in 2018 and had given our account number at that time. Hoping everyone else is getting there money too.

[Macc404]

Mine arrived in account Friday (Chime). My wife and I have both been blessed to keep working from home so no worries about having to spend it on bills. Great way to start off my ch13 with a little nest egg to continue to build on

[shipo]

Not us, Mr. Murphy lives in our house; I don't expect it any time soon.

[sophieanne]

shipo - you just give Mr. Murphy his walking papers
Macc404 - i'm glad it will work in a way that's helpful for you …

[Carmella]

That's great sophieanne We haven't got a refund in 3-5 yrs so I don't know if they have us on file from that time or if they don't have us on file at all. Waiting to see what happens. The IRS website said in mid April they would have a link to enter your bank info if they don't have it.

And watch for scams of people wanting your bank info for the stimulus. Beware!

[sophieanne]

Carmella - If you paid taxes you will be on the list...but it will be the list to receive a check. So as you wrote, keep an eye on IRS.gov and there is link (it's there now, but not active yet, but will be by the end of the week) where you put in your social (or your husband's) and it will show you the date the check will be issued and will allow you to update it with your banking info. By doing this you will get a direct deposit way way faster than waiting for a check.

[JLM0706]

Shoot- pretty sure my banking info changed. I wonder what that means for my check?

[sophieanne]

JLM0706 - I believe you should follow the steps I wrote above to Carmella. If the IRS attempted to put the money in your old account, it would be returned to the IRS as an invalid account and they will schedule a paper check. Just do as I wrote above..

[ohiogal]

Carmella - If you paid taxes you will be on the list...but it will be the list to receive a check.

I received a direct deposit refund last year; this year I paid $4 which the IRS also took out of my checking account via direct deposit. Will my stimulus $ be deposited directly into my account or am I going to have to wait for that darn paper check?

[shipo]

I received a direct deposit refund last year; this year I paid $4 which the IRS also took out of my checking account via direct deposit. Will my stimulus $ be deposited directly into my account or am I going to have to wait for that darn paper check?

As I understand it, you'll get the money wired directly into your account as it is pretty clear they have it on file.

[sophieanne]

Hi ohiogal - as I've told others above....check that website this week (once it goes live - s/b by the end of the week). You will see if they are doing a direct deposit or not, and if not, you can make a change to have the payment done by direct deposit. You will be able to do that, if necessary, when the option to check your payment goes live.

[Carmella]

Thanks sophieanne

[shipo]

We got ours today, but significantly less than expected.

[sophieanne]

Sorry shipo - maybe after you file this years taxes there could be an adjustment since the payment was based on your tax return from 2018 or 2019.

[shipo]

Agreed. My concern is our combined taxable income in 2018, a year where my wife lost her job and was on unemployment for several months, was under $150,000, and yet we did not get the full $2,500 for a couple. My wife has been under-employed ever since and we made even less money in 2019; not sure if an adjustment will be forthcoming or not. That said, given our accountant has yet to finish our 2019 tax return, we don't know how much less.