topic Re: Tax 2019 Question for $1200 stimulus check in Personal Finance

Tax 2019 Question for $1200 stimulus check

TyRacing — Tue, 31 Mar 2020 01:47:49 GMT

Hi,

does anyone know if i can still submit my 2019 taxes to receive the $1200 stimulus check?

what last date to submit this?

thank you for the help

Re: Tax 2019 Question for $1200 stimulus check

Anonymous — Tue, 31 Mar 2020 01:55:30 GMT

@TyRacing wrote:
Hi,
does anyone know if i can still submit my 2019 taxes to receive the $1200 stimulus check?
what last date to submit this?

thank you for the help

If you didn't submit 2019, they'll use 2018.

https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

Re: Tax 2019 Question for $1200 stimulus check

TyRacing — Tue, 31 Mar 2020 02:07:23 GMT

but on 2018 i made 75k+ and on 2019 i made less than 75k.

Re: Tax 2019 Question for $1200 stimulus check

Anonymous — Tue, 31 Mar 2020 02:11:49 GMT

@TyRacing wrote:
but on 2018 i made 75k+ and on 2019 i made less than 75k.

Then you want to submit ASAP.

"I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?

Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return."

Re: Tax 2019 Question for $1200 stimulus check

TyRacing — Tue, 31 Mar 2020 02:40:21 GMT

alright great thanks

anyone know when will they DD the money?

Re: Tax 2019 Question for $1200 stimulus check

simplynoir — Tue, 31 Mar 2020 03:11:02 GMT

@TyRacing wrote:
alright great thanks
anyone know when will they DD the money?

According to news outlets they should start sending them out in three weeks but some are saying it could take longer than that

I would not make plans/purchases with this money in mind for at least a month until they say otherwise

Re: Tax 2019 Question for $1200 stimulus check

Anonymous — Tue, 31 Mar 2020 11:23:48 GMT

Being proactive with my taxes and filing months ago cost me $450 ¯\_(ツ)_/¯

Re: Tax 2019 Question for $1200 stimulus check

Mv350 — Tue, 31 Mar 2020 12:20:55 GMT

If you made less in 2019 than you did in 2018, you will be able to collect the credit on next years taxes. It essentially a tax credit, claimed early.

Re: Tax 2019 Question for $1200 stimulus check

Anonymous — Tue, 31 Mar 2020 18:41:57 GMT

I honestly don't truly understand it, but if they want to pay me back Monies I've already paid into the system I won't argue. I just can't fathom how this is fiscally responsible to take on more national debt. This surely isn't the last crisis we'll face.

And while i don't know about most people and how they'll spend it on random stuff for which it was meant for. Iwill likely just pay down debt with it, or put into HYSA. I don't have$1,200 worth of non essentials I need to buy. Especially since I can't travel anywhwere!

Re: Tax 2019 Question for $1200 stimulus check

OmarR — Wed, 01 Apr 2020 16:18:23 GMT

@Anonymous wrote:
I honestly don't truly understand it, but if they want to pay me back Monies I've already paid into the system I won't argue. I just can't fathom how this is fiscally responsible to take on more national debt. This surely isn't the last crisis we'll face.

And while i don't know about most people and how they'll spend it on random stuff for which it was meant for. Iwill likely just pay down debt with it, or put into HYSA. I don't have$1,200 worth of non essentials I need to buy. Especially since I can't travel anywhwere!

There is also the fallacy that even if people use it to buy the latest iPhone, they are still injecting the money back into the system. As if this money all of a sudden grew from trees.

Re: Tax 2019 Question for $1200 stimulus check

Anonymous — Fri, 03 Apr 2020 02:22:18 GMT

Estimates are that stimulus payments will process the week of april 13th. so thats like 2 weeks.

even if you digitally submitted your 2019 taxes today, it would be pretty unlikely that it would be processed, reviwed, and accepted in the time period before the Gov't finalizes the numbers for payments (which may have already even happened)

Trump wants it out ASAP, so i think its unlikely to be delayed

Re: Tax 2019 Question for $1200 stimulus check

TyRacing — Fri, 03 Apr 2020 03:43:00 GMT

filed my 2019 taxes on 3-30-20 and Accepted on 3-31-20.

I should be fine to receive this check right?

Thanks for the support!

Re: Tax 2019 Question for $1200 stimulus check

Save-n-Invest — Sat, 04 Apr 2020 16:48:37 GMT

SSA 1099 and RRB 1099 databases will also be used for direct deposit of the stimulus payment.

Re: Tax 2019 Question for $1200 stimulus check

CAS2019 — Sat, 04 Apr 2020 16:52:34 GMT

They will start DD on 4/9/20.

Re: Tax 2019 Question for $1200 stimulus check

Remedios — Sat, 04 Apr 2020 16:57:17 GMT

I'm not eligible but even if I was, I'm not sure how they would handle it because I always end up making additional tax payments, so I'm unclear if they would even consider that "having information on file"

Re: Tax 2019 Question for $1200 stimulus check

Nomad3 — Sat, 04 Apr 2020 19:54:22 GMT

I'm still confused on where the money is coming from.

Ive seen a few articles saying its basically a loan from next year's tax return. So if normally get a $2,000 refund you would instead get an $800 refund because they paid out $1,200 for the covid relief early.

That makes more sense financially in that they arent just "creating" money and throwing it at us.

Re: Tax 2019 Question for $1200 stimulus check

Anonymous — Sat, 04 Apr 2020 20:30:43 GMT

@Nomad3 wrote:
I'm still confused on where the money is coming from.

Ive seen a few articles saying its basically a loan from next year's tax return. So if normally get a $2,000 refund you would instead get an $800 refund because they paid out $1,200 for the covid relief early.

That makes more sense financially in that they arent just "creating" money and throwing it at us.

It's not a loan. It's a tax credit. They're creating it by taking it from the budget and yes, that means our deficit is going to get much worse. Another two trillion dollar stimulus bill is in the works right now.

Re: Tax 2019 Question for $1200 stimulus check

CreditInspired — Sun, 05 Apr 2020 20:47:15 GMT

@Save-n-Invest wrote:
SSA 1099 and RRB 1099 databases will also be used for direct deposit of the stimulus payment.

I thought I looked everywhere for confirmation of this with no luck. Can you provide a link? Thank you

EDIT: I found it on irs.gov. Now my question i--every year I owe taxes so wondering if I have to wait for a check to be mailed or will they use my DD info from my SS info.

Re: Tax 2019 Question for $1200 stimulus check

MakingProgress — Sun, 05 Apr 2020 20:56:19 GMT

@Anonymous wrote:
I honestly don't truly understand it, but if they want to pay me back Monies I've already paid into the system I won't argue. I just can't fathom how this is fiscally responsible to take on more national debt. This surely isn't the last crisis we'll face.

And while i don't know about most people and how they'll spend it on random stuff for which it was meant for. Iwill likely just pay down debt with it, or put into HYSA. I don't have$1,200 worth of non essentials I need to buy. Especially since I can't travel anywhwere!

In my household we are all still working and doing just fine so I really don't need the stimulus myself. DS who lives on his own is unemployed and will not be going back to work when this is all over. All the pandemic did to his employment situation was to make them close two weeks earlier than planned. I will use part of our stimulus money to pay off DS credit card debt. I am not asking him if he wants me to do it, as I know he will say no. I have access to his online account so I will pay it off and tell him it's done once I receive the stimulus money. It's not a time sensitive thing at lease for now so when it gets here it gets here.

Re: Tax 2019 Question for $1200 stimulus check

Save-n-Invest — Mon, 06 Apr 2020 03:07:53 GMT

@CreditInspired wrote:
@Save-n-Invest wrote:
SSA 1099 and RRB 1099 databases will also be used for direct deposit of the stimulus payment.
Hi
I thought I looked everywhere for confirmation of this with no luck. Can you provide a link? Thank you

EDIT: I found it on irs.gov. Now my question i--every year I owe taxes so wondering if I have to wait for a check to be mailed or will they use my DD info from my SS info.

Katie Porter a freshman cogresswoman from CA was interviewed shortly afther the stimiulus bill was signed. She referenced the SSA 1099 database. She's a reliable source IMHO.

I read about the RRB 1099 on Bankrate a few days ago. Not certain of that one. I'm very confident in Ms. Porter.

My understanding is that SSA 1099 database will be used for DD. Paper checks will take longer per various news items. Wish I could offer more help. If I find more/better info I'll post.