So it sounds like the IRS will use Social Security's Form 1099's to verify income eligibilty for

[rzemanfl]

Last edited Sat Apr 4, 2020, 07:51 PM - Edit history (2)

the payments authorized by Congress. My question is, will the IRS use the direct deposit information Social Security has to send the money? I heard someone on MSNBC this afternoon say they will not and people who did not get a 2018 or 2019 refund direct deposited will have to upload bank routing information to the IRS or wait for a mailed check. Using the direct deposit info from the SSA would make sense, but Republicans are never sensible. Instead they will use some new system that probably will get swamped and is rife with opportunities for fraud. Talk me down if you can.

On edit-found: in another thread I found a statement that the money would be mailed if the IRS does not have bank info.

https://www.democraticunderground.com/100213233632

You can click on the text to get a more readable view. People are saying the thread cited is disinformation, but I have yet to see anything definitive.

[underpants]

1. We've heard that they changed this. No extra form needed.

[rzemanfl]

3. I know that. What I am wondering about is direct deposit of the money.

The guy on MSNBC this afternoon made it sound like they would not use SSA info for direct deposit.

[SWBTATTReg]

2. I too, had heard that they'll use the same deposit (electronic means) as they do for your SS ...

payments now, for these supplemental payments too. I think their big concern was that a lot of low income folks hadn't filed a return recently, so concerns were in getting the payments to them.

Sounds like a confusing mess, eh?

[rzemanfl]

4. I took it the other way, that they needed a return to verify income eligibility.

Which is profoundly stupid, but who knows with these people?

[SWBTATTReg]

5. I know that there are some rules (e.g., if you make over a certain amount, funds to be...

distributed would be reduced by $1 for ever $5 dollars in income over a certain limit (pretty high, so I won't go into). I did find this info.:
++++++++++++++++++++++
The IRS and Treasury say stimulus payments will be automatically deposited into the bank accounts of Social Security beneficiaries or mailed out by paper check. This applies to people who receive benefits for retirement and disability.

But on Friday, Sen. Brown and other senators sent an additional letter to the Treasury and other agencies asking that stimulus payments automatically be sent to people who receive benefits from the Veterans Administration or the Supplemental Security Income program.
++++++++++++++++++++++
Note (me again), these senators were wanting these folks on SSI and VA, to get their payments from the Coronavirus bill sent too, automatically via what they have on file for distributing the SSI and/or VA benefits as well.

We will see obviously. I suspect that they are still going to have mess ups. Especially the part on reducing payments for those higher income folks (have to cross ref. against IRS dbs etc. I guess too).

UPDATE (me): Note, it makes sense that the IRS is still saying that folks need to have a way to let the IRS/powers that be, how to send economic payments to, via a simple tax return. They did say they might have a website to gather this information but who knows.

The IRS has continued to say that some taxpayers who do not typically file a tax return will need to submit a simple return to receive an economic impact payment.

[rzemanfl]

7. I just found this in another thread. To me it is unclear.

"If you don't file taxes but do get Social Security payments, the government will use that information for your payment. If you don't file taxes or get Social Security payments, the IRS has announced it will set up a "simple web portal" for you to submit your information on (more to come on the details of that). On Saturday, TurboTax launched a free web portal for people who don't file taxes to submit direct deposit information to the IRS, although a PR representative for TurboTax confirmed to Business Insider that its stimulus registration web page is not the web portal to which the Treasury had previously alluded."

My question is, What if you DO file taxes AND get Social Security? Where does the payment go? Who writes this shit?

[SWBTATTReg]

10. You're right, they don't make it clear. In one, if SS is electronically shipped to you (your ...

regular bank account), I'd assume that the stimulus payment would go this route. What happens if your tax return refund goes to a different bank account? I'd assume that there is a default route, although most people would have the same banking information for both the tax refunds and the stimulus checks.

[rzemanfl]

11. You are adding a layer of clarity that is not in the quoted text.

If they wanted to say "If you are on Social Security your payment will go to the account your Social Security is deposited to." It would not be hard (I just did it and I am an old man). We have never had a refund direct deposited.

[customerserviceguy]

13. From my readings

the bank account you have used for IRS tax refunds would be the one for this stimulus payment over the one used for Social Security payments. I would imagine that order is used to avoid confusion from how to deal with jointly filed tax returns, where there could well be three bank accounts involved.

[rzemanfl]

19. Moving money from one account to another is easy. My wife and I have never had a joint

account, it may be the reason we have been together since 1976, although this sheltering in place may end the relationship.

All I want from the government is a simple declarative sentence in plain English.

[customerserviceguy]

21. Well, they've involved the IRS

They're not all that fluent in plain English, sorry!

[exboyfil]

6. I would prefer to see the money go towards some expanded unemployment

metric (those on unemployment and those who don't qualify for unemployment because their jobs didn't participate). It should be for income replacement. My wife and I are getting the full $2,400, but I still have my job. That doesn't seem right. Couples with up to $150K get the full amount.

Why is that those who live on crumbs still only get crumbs?

[rzemanfl]

8. It's the American way...

[customerserviceguy]

14. I guess

the point of it is, you and your wife will get that money quicker than folks on unemployment, and be able to spend it in the economy faster, preventing some layoffs.

[rzemanfl]

15. Don't get me started on unemployment. Seriously. n/t

[exboyfil]

18. The problem is my spending pattern won't change

I would say a large subset of these people also have 401ks and IRAs that were hammered. The wealth effect will keep those folks from opening their wallets. I might buy a car but only because of the potential for reduced prices, and I may be close to needing one (my wife and I have one car - a 2009 HHR and I don't know how to fix cars). Any other purchases are going to be strictly replacement (new home mechanicals and roof).

[meadowlander]

16. Yeah, if I'm honest.

I'm not turning away the money, but I live overseas and it's not like any of it is going to end up back in the US economy.

In 2016, there were an estimated 9 million US citizens living overseas so that's potentially several billion dollars of this stimulus going to people who don't even live in the US but happen to have a SSN.

[sarcasmo]

9. Some checks will take 20 weeks.

https://www.npr.org/sections/coronavirus-live-updates/2020/04/02/826187693/stimulus-cash-payments-may-take-up-to-20-weeks-to-reach-some-americans

[rzemanfl]

12. I am aware of that and Z is at the end of the alphabet. It they are not using SSA

direct deposit info, I am not going to hold my breath.

[sarcasmo]

17. Same, if anything shows up it will be late summer.

[rzemanfl]

20. Maybe they will do purple states Drumpf has to win first. n/t