Stimulus deposit

[djang1]

My 2018 tax return was filed jointly and included my wife who passed in September 2018.
My stimulus check was in the amount of $2400. Is this correct or have I been overpaid since my wife passed in 2018?

 

[quincy]

My 2018 tax return was filed jointly and included my wife who passed in September 2018.
My stimulus check was in the amount of $2400. Is this correct or have I been overpaid since my wife passed in 2018?

Overpaid, if you were due $1200.

I am sorry about the loss of your wife.

 

[LdiJ]

My 2018 tax return was filed jointly and included my wife who passed in September 2018.
My stimulus check was in the amount of $2400. Is this correct or have I been overpaid since my wife passed in 2018?

That is interesting. We were just discussing that particular issue in the office. Nobody is going to have the answer to that question just yet, because all of this is so new. However, I would recommend, if possible, that you stow that money away in a savings account (the $1200 for her) and don't spend it until after you do your 2020 taxes.

 

[PayrollHRGuy]

I knew that sort of thing was going to happen. Also, there will be DDs sent to accounts that are no longer open or worse dormant and old addresses without forwarding orders.

 

[quincy]

I knew that sort of thing was going to happen. Also, there will be DDs sent to accounts that are no longer open or worse dormant and old addresses without forwarding orders.

There is an Indiana man who was expecting the direct deposit of a $1700 stimulus check. When he checked his bank account, it showed a deposit to his account of $8.2 million.

The bank corrected the deposit error.

 

[LdiJ]

I knew that sort of thing was going to happen. Also, there will be DDs sent to accounts that are no longer open or worse dormant and old addresses without forwarding orders.

We have a segment of our client base who do bank products to have their fees taken out of their refund. The portal opened today to check on the status of your stimulus payment. It appears that the IRS direct deposited all of their stimulus payments to the closed temporary accounts that were set up by the bank to facilitate their fees being taken out of their refunds. (even though we were assured that they would NOT do so). We got calls from probably every single one of them today screaming that their stimulus was being deposited to someone else's account. It was an utter madhouse.

It appears that the bank is simply going to reject all of those direct deposits and the IRS will have to send out paper checks. Those people are NOT happy campers.

 

[djang1]

That is interesting. We were just discussing that particular issue in the office. Nobody is going to have the answer to that question just yet, because all of this is so new. However, I would recommend, if possible, that you stow that money away in a savings account (the $1200 for her) and don't spend it until after you do your 2020 taxes.

Thank you for your response. The frustrating thing is that I have found no way to communicate with IRS regarding this. I will heed your advice and stow the $$.

 

[PayrollHRGuy]

Thank you for your response. The frustrating thing is that I have found no way to communicate with IRS regarding this. I will heed your advice and stow the $$.

You can stow it anywhere that you would normally stow money that you do not want to spend. A savings account or under the bed will do.

The way to communicate it to the IRS is to complete your 2019 taxes. There will likely be a line on the 2020 taxes to report the overpayment of stimulus payments.

 

[quincy]

One thing you should be aware of: There are stimulus check scams. The IRS will NOT contact you about any over payment. Do not be conned by letters, emails or phone calls purporting to be from the IRS.

https://www.consumer.ftc.gov/blog/2020/04/coronavirus-checks-flattening-scam-curve

 

[davew9128]

We have a segment of our client base who do bank products to have their fees taken out of their refund. The portal opened today to check on the status of your stimulus payment. It appears that the IRS direct deposited all of their stimulus payments to the closed temporary accounts that were set up by the bank to facilitate their fees being taken out of their refunds. (even though we were assured that they would NOT do so). We got calls from probably every single one of them today screaming that their stimulus was being deposited to someone else's account. It was an utter madhouse.

A compelling reason not to offer bank products for tax refunds...

 

[davew9128]

There will likely be a line on the 2020 taxes to report the overpayment of stimulus payments.

No, there won't be.

 

[LdiJ]

A compelling reason not to offer bank products for tax refunds...

Back in February, when most of those returns were done, the coronavirus was not a big deal and the stimulus payment wasn't even an idea in anyone's mind yet. You cannot really prepare for such an event.

I discourage people from using them but there are some people who need to do so.

 

[adjusterjack]

When he checked his bank account, it showed a deposit to his account of $8.2 million.

I'm as honest as anybody but for that kind of money (temptation) I would have withdrew it in cash (if I could have) and boarded a plane to the nearest country that didn't have an extradition treaty with the US. LOL.

Like the Jets sang to Officer Krupke:

"The best of us are no damned good."

PS: My sister in NYC got her $1200. I don't have mine yet. I wonder if the gummint started on east coast and is slowly working its way west like the pioneers in their wagons.

 

[PayrollHRGuy]

No, there won't be.

You seem pretty sure of that. Why is that?

 

[Zigner]

PS: My sister in NYC got her $1200. I don't have mine yet. I wonder if the gummint started on east coast and is slowly working its way west like the pioneers in their wagons.

I got mine sometime between 10pm last night and 6am this morning.