Stimulus...have you received yours?

[MeanDean]

Never did get the first one. Supposedly can deduct that from your taxes due if you qualified (which I did and got an IRS letter stating that about Jan 5).

Got second one on a check mailed to me. Reduced slightly.

Nothing on the 3rd one yet.

Today was talking to my tax guy. He's telling me that because I withdrew some IRA $$$ (to buy a house) my taxable income for 2020 is increased (which I knew/was expecting). Then he proceeds to tell me that may disqualify me from getting all but about $25 of the tax offset from the first stimulus!

So basically, since the IRS couldn't do their job and send me the first one in 2020 I get screwed out of over a thousand dollars because my income went up the NEXT tax year.

He even said if anyone could explain how this whole stimulus thing from the government worked they needed to explain it to him because it does not make sense.

 

[BCClone]

Never did get the first one. Supposedly can deduct that from your taxes due if you qualified (which I did and got an IRS letter stating that about Jan 5).

Got second one on a check mailed to me. Reduced slightly.

Nothing on the 3rd one yet.

Today was talking to my tax guy. He's telling me that because I withdrew some IRA $$$ (to buy a house) my taxable income for 2020 is increased (which I knew/was expecting). Then he proceeds to tell me that may disqualify me from getting all but about $25 of the tax offset from the first stimulus!

So basically, since the IRS couldn't do their job and send me the first one in 2020 I get screwed out of over a thousand dollars because my income went up the NEXT tax year.

He even said if anyone could explain how this whole stimulus thing from the government worked they needed to explain it to him because it does not make sense.

One thing your accountant is screwing up on. They go by your last filed taxes, and will not punish you for overage if 2020 is higher than 2019 (from what I’ve dug up but I’m not a CPA or attorney so it’s not guaranteed correct). If you haven’t filed 2020, sit on those if you took out ITA money.

 

[SEIOWA CLONE]

My wife and I received ours on Wednesday in our bank account after seeing the "payment pending" since Sunday.
Second sub for the home theater is soon to become a reality.

 

[Cyched]

Never did get the first one. Supposedly can deduct that from your taxes due if you qualified (which I did and got an IRS letter stating that about Jan 5).

Got second one on a check mailed to me. Reduced slightly.

Nothing on the 3rd one yet.

Today was talking to my tax guy. He's telling me that because I withdrew some IRA $$$ (to buy a house) my taxable income for 2020 is increased (which I knew/was expecting). Then he proceeds to tell me that may disqualify me from getting all but about $25 of the tax offset from the first stimulus!

So basically, since the IRS couldn't do their job and send me the first one in 2020 I get screwed out of over a thousand dollars because my income went up the NEXT tax year.

He even said if anyone could explain how this whole stimulus thing from the government worked they needed to explain it to him because it does not make sense.

How are you gonna spend your 25 bucks?

 

[MeanDean]

How are you gonna spend your 25 bucks?

Probably a new bag of dog food. Not for me, so I guess I've got that going for me.

 

[khardbored]

Got ours Wednesday (showed "pending") and in my available balance yesterday (Thursday).

Trying to decide how to use it. Need a little bit for closing costs on refinance on the house. Feel like I should be looking for somewhere to put it to keep up with at least inflation (which may be coming in a big way...)

 

[IcSyU]

Never did get the first one. Supposedly can deduct that from your taxes due if you qualified (which I did and got an IRS letter stating that about Jan 5).

Got second one on a check mailed to me. Reduced slightly.

Nothing on the 3rd one yet.

Today was talking to my tax guy. He's telling me that because I withdrew some IRA $$$ (to buy a house) my taxable income for 2020 is increased (which I knew/was expecting). Then he proceeds to tell me that may disqualify me from getting all but about $25 of the tax offset from the first stimulus!

So basically, since the IRS couldn't do their job and send me the first one in 2020 I get screwed out of over a thousand dollars because my income went up the NEXT tax year.

He even said if anyone could explain how this whole stimulus thing from the government worked they needed to explain it to him because it does not make sense.

Your tax guy sounds like an idiot. Its fairly easy to understand it all.

My guess is you didn't qualify based on 2018 income and they used that return as the most recent on file for stimulus payment #1. Stimulus payment #2 your 2019 return was filed and qualified so you got a payment based on that. Stimulus 3 is based on your most recent return so if you qualify based on 2019's return don't file your 2020 return until you get your 3rd payment.

 

[Clonedogg]

Let's say a married couple does not qualify but they have a kid, will they get the 1400 for the kid regardless? Asking for a friend.

Edit: looks like no.

 

[alarson]

Looks like they finally updated the get my payment tool for a lot of people including me.

They say theyre mailing my payment on 3/26.

 

[DSMCy]

Looks like they finally updated the get my payment tool for a lot of people including me.

They say theyre mailing my payment on 3/26.

Mines updated now too. Earlier today it still said "Payment Status - Not Available".
Says I’ll get mine 3/24.

 

[MuskieCy]

Never did get the first one. Supposedly can deduct that from your taxes due if you qualified (which I did and got an IRS letter stating that about Jan 5).

Got second one on a check mailed to me. Reduced slightly.

Nothing on the 3rd one yet.

Today was talking to my tax guy. He's telling me that because I withdrew some IRA $$$ (to buy a house) my taxable income for 2020 is increased (which I knew/was expecting). Then he proceeds to tell me that may disqualify me from getting all but about $25 of the tax offset from the first stimulus!

So basically, since the IRS couldn't do their job and send me the first one in 2020 I get screwed out of over a thousand dollars because my income went up the NEXT tax year.

He even said if anyone could explain how this whole stimulus thing from the government worked they needed to explain it to him because it does not make sense.

Get a real pro. Your IRA distribution may have DQ'd you per your 2019 info. Your 2020 return may re-qualify you for the first two stimulus payments. Your 2021 return should allow for the refundable tax credit not received now.

Second, if the IRA distributions put you in to a pay situation in 2019, there is no bank routing information on that return. Paper checks are to follow and hope it is the same address as on the filed return.

It is an advance on a refundable tax credit. If you get it advance of filing your return,....yah! If you get when filing your tax return,...yah! Need any more explanation? Get a professional.

 

[MeanDean]

Your tax guy sounds like an idiot. Its fairly easy to understand it all.

My guess is you didn't qualify based on 2018 income and they used that return as the most recent on file for stimulus payment #1. Stimulus payment #2 your 2019 return was filed and qualified so you got a payment based on that. Stimulus 3 is based on your most recent return so if you qualify based on 2019's return don't file your 2020 return until you get your 3rd payment.

No, I qualified for the first one. I checked online at least weekly. Got messages a check was coming on such and such date. Never got it. Later got a message that my bank account would receive the deposit on August 4th. Again, it never happened. Got a letter first week of 2021 from IRS saying I qualified for the first one but that by law they could not send any more first checks out after the end of calendar year 2020 and that I could apply what I should have gotten against my 2020 tax return when I file this year.

What I didn't appreciate is that the amount I was supposed to get in the first payment - to apply towards my 2020 tax bill is now reduced from over $1,000 to $25 based on my 2020 earnings. And if the IRS had actually sent it to me in 2020 I would have gotten all of it. Their failure to do their job cost me over a thousand dollars.

 

[MeanDean]

Get a real pro. Your IRA distribution may have DQ'd you per your 2019 info. Your 2020 return may re-qualify you for the first two stimulus payments. Your 2021 return should allow for the refundable tax credit not received now.

Second, if the IRA distributions put you in to a pay situation in 2019, there is no bank routing information on that return. Paper checks are to follow and hope it is the same address as on the filed return.

It is an advance on a refundable tax credit. If you get it advance of filing your return,....yah! If you get when filing your tax return,...yah! Need any more explanation? Get a professional.

The IRA distribution was in 2020. I was qualified for the first two and actually got the second one.

They are now disqualifying the majority of the tax credit (based on not receiving the first stimulus) on my 2020 return. Because of my increased 2020 earnings (including the IRA distribution). Even though if they had actually sent me the first distribution (via check or direct deposit in 2020 like they should have) I'd have gotten the full amount.

 

[BCClone]

The IRA distribution was in 2020. I was qualified for the first two and actually got the second one.

They are now disqualifying the majority of the tax credit (based on not receiving the first stimulus) on my 2020 return. Because of my increased 2020 earnings (including the IRA distribution). Even though if they had actually sent me the first distribution (via check or direct deposit in 2020 like they should have) I'd have gotten the full amount.

The payments are based on your most recent filed taxes, so don’t file your 2020 tax return(get an extension if you have to), get the payment and then file your taxes.

 

[MeanDean]

The payments are based on your most recent filed taxes, so don’t file your 2020 tax return(get an extension if you have to), get the payment and then file your taxes.

Yes, of course. That's the plan for stimulus #3.

The fact that I got screwed out of stimulus #1 is the issue.

 

[BCClone]

Yes, of course. That's the plan for stimulus #3.

The fact that I got screwed out of stimulus #1 is the issue.

Gotcha.

 

[isuno1fan]

Update:

Mine is now updated as well to say 3/24.

 

[flycy]

How are you gonna spend your 25 bucks?

Government borrows roughly another $6000 in your name, $24000 if you're a family of 4,, gives you $25 and spends the other $5975 on their favorite pork projects. Seems like a good deal.

 

[dmclone]

I'm not sure why they didn't do a gradual reduction like they did with the first two. Also, where di the $160k number come from? So if your a couple living in Cedar Falls and your AGI is 145K you get the checks but if you're a couple in LA with 5 kids and your AGI is $165k you're SOL? Oh and it's based on 2019 taxes (unless you did 2020's), which could mean very little.

 

[MuskieCy]

The IRA distribution was in 2020. I was qualified for the first two and actually got the second one.

They are now disqualifying the majority of the tax credit (based on not receiving the first stimulus) on my 2020 return. Because of my increased 2020 earnings (including the IRA distribution). Even though if they had actually sent me the first distribution (via check or direct deposit in 2020 like they should have) I'd have gotten the full amount.

Our firm has been holding returns for individuals whose 2020 filing would impact the third payment.

The clients are more than happy to delay the filing in order to receive the stim payment.