Coronavirus - All things economically related

BG9 said:

FUBAR seems right.

I've read they'll use the checking account info that you entered on your the filed tax return to direct deposit it into your account. But, normally the bank account info is only entered in the return if you request an electronic direct deposit transaction. 

What about social security seniors who don't get refunds? Shouldn't the feds be able use their bank info from their social security accounts?

What about people who don't use their tax returns to do electronic payment transfers? I use the federal EFTPS system to pay near the due date, separate from my filing date. Will they use the EFTPS bank info that treasury has on file?

Why rely only on IRS info. Why not also use social security and EFTPS info?

 All SS recipients will have $ directly deposited. They will not have to file a "simple" return.


Devastating: Weekly initial jobless claims at a record 6.65 million, doubling last week's unprecedented 3.1 million claims. 


Formerlyjerseyjack said:

 All SS recipients will have $ directly deposited. They will not have to file a "simple" return.

Thanks, I know. I read late last night they changed it. 

Which is helpful for me because I don't put my bank info on my return. I never get a refund and when I pay I use the EFTPS system. EFTPS is useful in that you can pay at that last minute while also giving you an electronic confirm that you submitted a payment.


Formerlyjerseyjack said:

All SS recipients will have $ directly deposited. They will not have to file a "simple" return.

"The reversal [Wed] comes after complaints from lawmakers that an IRS plan to require seniors to file simplified returns would place an undue burden on them..." -from Politico

I guess they got the message for at least those folks.


steel said:

Re: Stimulus "checks": I have seen written elsewhere that the IRS has posted some guidelines including this from a FAQ: 

The IRS does not have my direct deposit information. What can I do?

As Mnuchin said, the Department of Treasury “plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.”

So far this seems unclear as to whether it means that they plan on NO actual physical checks going out? Somehow this "portal plan" seems fraught with potential FUBAR and frustration especially for folks who need it the most.

Doesn't this already exist?  Why do they need to develop another portal?  Wtf.


Why are SS recipients receiving stimulus money? I though the point was income replacement, and they don't seem to be losing any income.


kthnry said:

Why are SS recipients receiving stimulus money? I though the point was income replacement, and they don't seem to be losing any income.

 1. Because they vote.

2. The idea is to pump money into the economy.


yahooyahoo said:

steel said:

Re: Stimulus "checks": I have seen written elsewhere that the IRS has posted some guidelines including this from a FAQ: 

The IRS does not have my direct deposit information. What can I do?

As Mnuchin said, the Department of Treasury “plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.”

Doesn't this already exist?  Why do they need to develop another portal?  Wtf.

These are the current IRS instructions for getting direct deposit. All choices involve tax returns, which may have already been filed. No portal mentioned.

Direct deposit is easy to use. Just select it as your refund method through your tax software and type in the account number and routing number. Or, tell your tax preparer you want direct deposit. You can even use direct deposit if you are one of the few people still filing by paper. Be sure to double check your entry to avoid errors.


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