According to the government (if you can believe them) it is tax free.Are the stimulus checks tax free? If not, then we get to give half of it back.
What a deal.
Surprised. I know a widow that got the direct deposit today. Since she always filed jointly, she also got her late husband's stimulus amount, even though he died 458 days ago.
Sent from my Moto G (5) Plus using Tapatalk
Hardly fraud. Though I've not read the statute, I'm fairly sure that's the way it was meant to be administered, though it may seem strange to us mere mortals.She better hope the IRS doesn't find out. The interest and penalties, along with the fraud charges they'll file against her, will not be good.
Dear God, whatever you do DO NOT spend one dime of that stimulus cash on anything made in China. Buy American.
I know a widow that got the direct deposit today. Since she always filed jointly, she also got her late husband's stimulus amount, even though he died 458 days ago.
Hardly fraud. Though I've not read the statute, I'm fairly sure that's the way it was meant to be administered, though it may seem strange to us mere mortals.
Surprised. I know a widow that got the direct deposit today. Since she always filed jointly, she also got her late husband's stimulus amount, even though he died 458 days ago.
Sent from my Moto G (5) Plus using Tapatalk
If you have applied your last year's refund/overpayment to your estimated taxes owed in the second quarter ( if you need to send it quarterly estimates), the IRS does NOT have your bank information. This is true if you filed in 2018 or 2019. Therefore, you will not get a deposit in your bank at this time.
You need to wait until the IRS opens a web application to enter your current checking account information, or wait for a paper check in the mail.
This is my understanding after studying the Internal Revenue Service | An official website of the United States government website. They are working on a way to enter the bank information but they aren't finished yet.
Here's a good analysis of what's holding up some payments:
https://www.washingtonpost.com/business/2020/04/16/coronavirus-cares-stimulus-check/
PRO TIP: Check online with the IRS (Get My Payment | Internal Revenue Service) and verify that they have your direct deposit info.
DO NOT assume that they do! Even though they had my bank account info that I entered so they could withdraw what I owed from my account when I filed my 2019 taxes, they did not have the info needed to direct deposit my stimulus check - even though the information is the same! Go figure...
I'm glad I checked.