CHAT IRS says first round of stimulus checks deposited today

[MountainBiker]

The broad brush aspect of this whole thing confuses me vs the feds having used a more targeted approach. Most of those who have lost their jobs will be making more than they were when they were working due to the extra $600 per week being tacked on. Retirees such as myself continue to still have the same income we had before this all started. Most of those who are still working still have their full pay. It would seem to me that they should have targeted those who are still working but have had hours or wages cut and independent contractors, gig economy workers, and (very) small business owners who have substantially lost their income but who don't qualify for unemployment. This is especially so given it is all deficit spending we are talking about. This isn't giving us back our hard earned tax dollars. It is all borrowed money that can never be paid back.

If we add in the fact that there is a substantial chunk of the population that doesn't have a pressing need for the money and will just leave it sit in a bank account, maybe part of the unstated purpose if this broad brush approach was to shore up banks with this infusion of cash without having to admit the intent was to shore up banks.

 

[foreverkeeps]

Not so far for me. What are you going to use yours for? I am thinking i will pay off the food and stuff i put on my credit card.

We are going to put it toward paying off our highest interest credit card.

 

[CaryC]

I'll bet they are depositing first to those they can do it to electronically. Checks by mail come in the second round.

For Dobbin as well:

On the local news they said first checks this weekend.

Second round 4/20

Third round which will be mail outs 5/1.

They originally said first round 4/20, then Munchin said in one of the briefings they were working overtime to get them out and looks like they would 4/14, no reason to think the accelerated pace didn't continue, and they are sending them out now.

Local news could be wrong.

Also if you haven't gotten your check by 5/10 might want to check on it.

 

[zookeeper9]

Nope, nothing here yet.

 

[mourningdove]

We should be eligible for the direct deposit, so I am checking my bank account daily. We are both retired and our normal checks come in the 4th Wednesday per month.

 

[20Gauge]

Yes, we read that the IRS "help centers" were shut down right away after all of this started. Apparently that isn't an "essential service". Don't know how it's affecting audits, but they are still sending out a bunch of notices. I suspect that a lot of them are computer generated.

They are and we are having to mail back responses as they damn*d fax lines were taken off line. Failure to answer in a timely manner is a problem for our clients....so we mail them.....

 

[20Gauge]

The broad brush aspect of this whole thing confuses me vs the feds having used a more targeted approach. Most of those who have lost their jobs will be making more than they were when they were working due to the extra $600 per week being tacked on. Retirees such as myself continue to still have the same income we had before this all started. Most of those who are still working still have their full pay. It would seem to me that they should have targeted those who are still working but have had hours or wages cut and independent contractors, gig economy workers, and (very) small business owners who have substantially lost their income but who don't qualify for unemployment. This is especially so given it is all deficit spending we are talking about. This isn't giving us back our hard earned tax dollars. It is all borrowed money that can never be paid back.

If we add in the fact that there is a substantial chunk of the population that doesn't have a pressing need for the money and will just leave it sit in a bank account, maybe part of the unstated purpose if this broad brush approach was to shore up banks with this infusion of cash without having to admit the intent was to shore up banks.

They actually did but are trying to make 12 months of work in less than 2 weeks happen so that those who are 1099 and gig can get the $600 weekly from Unemployment. The problem is that the states are not ready for it to happen. So we are looking at 3-4 week delay on getting money to those who really need it.

The $1200 will help, but gig / 1099 people usually have to pay so they will be getting checks at some distant point in time....

 

[CaryC]

We should be eligible for the direct deposit, so I am checking my bank account daily. We are both retired and our normal checks come in the 4th Wednesday per month.

I think you meant 3rd Wednesday, its based on your birthday, anyway no matter. This check isn't based on that, they're just depositing this because it's in the stimulus, and not apart of the regular pay out, it's extra.

Just checked mine and nothing, however I wouldn't expect mine before midnight, and then be pending at least over the weekend. And might be even later if the go by first letter last name is used.

 

[Dennis Olson]

Speaking of targeted approaches, I haven’t missed a single day of work. I’m well paid and all my bills are current. And yet I and others like me will be getting the payments. (Now, I’m not going to complain because it will pay off my recent root canal and crown. I could have paid it myself over the course of a couple months, but I also had some medical tests done recently that cost $900, and the $1150 I owe for the dental work would have been a strain on my finances.)

 

[MountainBiker]

They actually did but are trying to make 12 months of work in less than 2 weeks happen so that those who are 1099 and gig can get the $600 weekly from Unemployment. The problem is that the states are not ready for it to happen. So we are looking at 3-4 week delay on getting money to those who really need it.

The $1200 will help, but gig / 1099 people usually have to pay so they will be getting checks at some distant point in time....

But we are sending $1,200 (or more depending upon household makeup) to tens of millions who will not have suffered any loss of income.

 

[20Gauge]

But we are sending $1,200 (or more depending upon household makeup) to tens of millions who will not have suffered any loss of income.

Yes we are and that is why the whole entire monetary system is now totally screwed. We are going to spend up to or more than 10 trillion dollars by election day..... think of the consequences.

I am fine with everyone getting the $1200 and having a chance to do something with it before they crash the system. It does give a small measure of fairness. Usually those who work get shafted and then more is taken from them.

 

[CaryC]

Yeah I don't get for every family/person either but I'll take it.

However, in the monologue it was always about "working families". And if the 15-18 million unemployed is any indication they are going to need it, due to flooded state unemployment offices which will take a few weeks to get unemployment.

 

[bluelady]

But we are sending $1,200 (or more depending upon household makeup) to tens of millions who will not have suffered any loss of income.

I think part of the deal though is "stimulus". If you don't need the money for bills, you'll go spend it which many have to stop doing. And maybe you'll spend it at local small businesses that are hurting for income. Hope it helps; I'm sure no economist.

The bad part is that those who need it the most are the hardest to find.

 

[CaryC]

Yes we are and that is why the whole entire monetary system is now totally screwed. We are going to spend up to or more than 10 trillion dollars by election day..... think of the consequences.

I am fine with everyone getting the $1200 and having a chance to do something with it before they crash the system. It does give a small measure of fairness. Usually those who work get shafted and then more is taken from them.

Feel you are totally right on.

No one is even talking about how their ggg grandchildren will have to pay for this, because no one is going to pay this back. It's just going on down the road into the ether. And there is going to be a consequence. We just don't know what it is, yet.

Depression because money gets tight because the gov is sucking it all up, or hyper inflation because there is to much money in circulation.

One thing is for sure, we will see.

 

[Craftypatches]

Mine will just go right back to them and my accountant with what I will have to pay in! I sure wish life was simpler!

 

[annieosage]

The broad brush aspect of this whole thing confuses me vs the feds having used a more targeted approach. Most of those who have lost their jobs will be making more than they were when they were working due to the extra $600 per week being tacked on. Retirees such as myself continue to still have the same income we had before this all started. Most of those who are still working still have their full pay. It would seem to me that they should have targeted those who are still working but have had hours or wages cut and independent contractors, gig economy workers, and (very) small business owners who have substantially lost their income but who don't qualify for unemployment. This is especially so given it is all deficit spending we are talking about. This isn't giving us back our hard earned tax dollars. It is all borrowed money that can never be paid back.

If we add in the fact that there is a substantial chunk of the population that doesn't have a pressing need for the money and will just leave it sit in a bank account, maybe part of the unstated purpose if this broad brush approach was to shore up banks with this infusion of cash without having to admit the intent was to shore up banks.

That's the situation I am in. I still work FT but my nightly PT job hours have been cut in half and I am praying every day we don't get laid off. So, I make too much to qualify for unemployment. Meanwhile, my kids will be bringing home more than me while on unemployment. I'm glad because she can help out but something is not right.

 

[zeker]

in Canada yesterday 2 unscheduled gov cheks landed in my bank acct

400 and 500

hopefully folks with familys will get something larger

I,m guessing that, for me, this will be a one time deal?

 

[zeker]

Check after 1 AM-ish, that's usually when mine are there.

But Pence said today by the end of next week, so who knows.

6 am is when any gov cheks hit my acct In canada

 

[zeker]

Nope, just checked. I'll check again tomorrow. I wonder if it's alphabetical? If so,
I'll be one of the last ones.

zorro?

 

[20Gauge]

Just read that 50 million folks are getting them this round. Next round on, ahem..., 4/20.

Based upon that are we thinking California and Colorado are next?

 

[20Gauge]

Feel you are totally right on.

No one is even talking about how their ggg grandchildren will have to pay for this, because no one is going to pay this back. It's just going on down the road into the ether. And there is going to be a consequence. We just don't know what it is, yet.

Depression because money gets tight because the gov is sucking it all up, or hyper inflation because there is to much money in circulation.

One thing is for sure, we will see.

Heck we are already seeing price increases due to lack of supply and now we are throwing another $1200 at each, (potentially each month). Use it to pay off debt or things they can take. After that use it to be better prepped as I feel the money will be worth a lot less in 6-9 months.

 

[20Gauge]

I think part of the deal though is "stimulus". If you don't need the money for bills, you'll go spend it which many have to stop doing. And maybe you'll spend it at local small businesses that are hurting for income. Hope it helps; I'm sure no economist.

The bad part is that those who need it the most are the hardest to find.

That is the intent and as they say "good intentions" and all that never end well.

 

[Tristan]

The broad brush aspect of this whole thing confuses me vs the feds having used a more targeted approach. Most of those who have lost their jobs will be making more than they were when they were working due to the extra $600 per week being tacked on. Retirees such as myself continue to still have the same income we had before this all started. Most of those who are still working still have their full pay. It would seem to me that they should have targeted those who are still working but have had hours or wages cut and independent contractors, gig economy workers, and (very) small business owners who have substantially lost their income but who don't qualify for unemployment. This is especially so given it is all deficit spending we are talking about. This isn't giving us back our hard earned tax dollars. It is all borrowed money that can never be paid back.

If we add in the fact that there is a substantial chunk of the population that doesn't have a pressing need for the money and will just leave it sit in a bank account, maybe part of the unstated purpose if this broad brush approach was to shore up banks with this infusion of cash without having to admit the intent was to shore up banks.

Part of the motivation is to keep people afloat who have been denied access to work, which you address so well.

Another part of the motivation is to fight the demand destruction which occurred with the uncertainty over the economy and job losses. Whether a person buys that argument or not depends on their viewpoint, I suppose.

Another motivation, is of course, "Don't let a good crisis go to waste!" They excel at that in normal circumstances.

 

[mudlogger]

Ours showed up late this afternoon.

We've been in self-isolation for a month, and though Steve still has a job he doesn't know if he's ever going back due to the virus.

My business is basically local tourist dependent. It's dead, and I doubt it will do anything the rest of the year. Even when it's over (hopefully) and everyone is free to mingle, I think most folks will be shell shocked...not traveling, not buying stuff.

 

[Michiana MaJo]

Interesting that Canadians are also getting checks. I wonder how many other countries are paying off their citizens.

 

[foreverkeeps]

I can't find ANYTHING about people like us who have owed taxes the last few years,,, our deposit information will not be linked to our return. Yet, it says not to submit direct deposit information unless you didn't file at all.

Do you think they saved the online payment information for when I made our payments?

 

[WalknTrot]

I can't find ANYTHING about people like us who have owed taxes the last few years,,, our deposit information will not be linked to our return. Yet, it says not to submit direct deposit information unless you didn't file at all.

Do you think they saved the online payment information for when I made our payments?

If you are on the Social Security rolls, and have direct deposit, you are golden.

If you are truly off the radar in respect to direct deposit info, there is supposed to be a website in the process to send it to them.

 

[foreverkeeps]

If you are on the Social Security rolls, and have direct deposit, you are golden.

We are not on SS. We still work.

 

[WalknTrot]

We are not on SS. We still work.

I just added above. There is a website in the works to get the info to them.

 

[Hognutz]

Wish they would hurry, I'm anxious to pay off my Level III+ body armor.....

 

[psychgirl]

I just checked my account. Nothing there yet.
Oh well. Patience!

 

[CaryC]

Some one was asking, think it was Minnesota Smith about having moved since filing taxes.

There's a plan for that:

Topic No. 157 Change Your Address – How to Notify the IRS | Internal Revenue Service

Topic No. 157 Change Your Address – How to Notify the IRS

www.irs.gov

 

[WalknTrot]

I just checked my account. Nothing there yet.
Oh well. Patience!

The title and OP on this thread is WRONG. The first deposits aren't going out until this next following week.

 

[CaryC]

I just checked my account. Nothing there yet.
Oh well. Patience!

Same here.

 

[foreverkeeps]

If you are on the Social Security rolls, and have direct deposit, you are golden.

If you are truly off the radar in respect to direct deposit info, there is supposed to be a website in the process to send it to them.

That's the point, we are not off the radar ..... we file every year. But we don't get refunds, so they don't have our direct deposit information. I looked on IRS.gov and there is no option for people like us to give our direct deposit information.

I DID just find this here Economic Impact Payments | Internal Revenue Service (so I feel better. We should be able to complete this when it goes live soon. We moved last fall, so we will need to change our address also)

Filers: Get Your Payment

Use the "Get My Payment" application (coming mid-April) to:

• Check your payment status
• Confirm your payment type: direct deposit or check
• Enter your bank account information for direct deposit if we don't have your direct deposit information and we haven't sent your payment yet

Update your information

Direct deposit: Use the Get My Payment application (coming mid-April) to let us know your bank account information if we don't have your direct deposit information and we haven't sent your payment.

Check payment: If you moved since you last filed, let us know your new mailing address.

 

[Sub-Zero]

The broad brush aspect of this whole thing confuses me vs the feds having used a more targeted approach. Most of those who have lost their jobs will be making more than they were when they were working due to the extra $600 per week being tacked on. Retirees such as myself continue to still have the same income we had before this all started. Most of those who are still working still have their full pay. It would seem to me that they should have targeted those who are still working but have had hours or wages cut and independent contractors, gig economy workers, and (very) small business owners who have substantially lost their income but who don't qualify for unemployment. This is especially so given it is all deficit spending we are talking about. This isn't giving us back our hard earned tax dollars. It is all borrowed money that can never be paid back.

If we add in the fact that there is a substantial chunk of the population that doesn't have a pressing need for the money and will just leave it sit in a bank account, maybe part of the unstated purpose if this broad brush approach was to shore up banks with this infusion of cash without having to admit the intent was to shore up banks.

Yes, more income, perhaps. But, don't forget the COBRA cost; they will be paying 100% of their health insurance. For a lot of families the "extra" $2,400 a month would be either be completely, or mostly, used up by paying that.

The same goes for businesses taking out the PPP (Paycheck Protection Payment loans). It reimburses wages, but not expenses.

 

[Sub-Zero]

Yes we are and that is why the whole entire monetary system is now totally screwed. We are going to spend up to or more than 10 trillion dollars by election day..... think of the consequences.

I am fine with everyone getting the $1200 and having a chance to do something with it before they crash the system. It does give a small measure of fairness. Usually those who work get shafted and then more is taken from them.

Perhaps President Trump is outspending the Federal Reserve; he's trying to crash it to get rid of it. Early on, when China threatened to flood the market with U.S. notes, bonds and bills he told them to go ahead because we (the U.S.) would buy them back at maybe 30 cents on the dollar.

 

[Sub-Zero]

Some one was asking, think it was Minnesota Smith about having moved since filing taxes.

There's a plan for that:

Topic No. 157 Change Your Address – How to Notify the IRS | Internal Revenue Service

Topic No. 157 Change Your Address – How to Notify the IRS

www.irs.gov

L

Lots of fraud about to happen.

 

[medic38572]

The title and OP on this thread is WRONG. The first deposits aren't going out until this next following week.

Depends on what news source you look at some like the 1 I looked at said the 9th others say the 13th and others say the week of the 15th take your pick. I did mine which was the 9th!

 

[annieosage]

That's the point, we are not off the radar ..... we file every year. But we don't get refunds, so they don't have our direct deposit information. I looked on IRS.gov and there is no option for people like us to give our direct deposit information.

I DID just find this here Economic Impact Payments | Internal Revenue Service (so I feel better. We should be able to complete this when it goes live soon. We moved last fall, so we will need to change our address also)

Filers: Get Your Payment

Use the "Get My Payment" application (coming mid-April) to:

• Check your payment status
• Confirm your payment type: direct deposit or check
• Enter your bank account information for direct deposit if we don't have your direct deposit information and we haven't sent your payment yet

Update your information

Direct deposit: Use the Get My Payment application (coming mid-April) to let us know your bank account information if we don't have your direct deposit information and we haven't sent your payment.

Check payment: If you moved since you last filed, let us know your new mailing address.

You have a similar situation that I have. I went to the link, completed the information, and then got an email that it was rejected. Great, now what?