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Income tax thread 3.0

JesasaurusRex said:
Are 1099s or some other form going to be sent out for 2020 stimulus money?
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Don't think so. My understanding is they are treated as a tax credit and you self-report on your return how much of it you already got. Presumably the IRS will check that against what they sent you.
 
JesasaurusRex said:
Are 1099s or some other form going to be sent out for 2020 stimulus money?
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A letter should have been mailed to you if you received it.

From an article I found "Find this important form if you are seeking more stimulus check money
There are a variety of reasons why people might have missed out on all or some of a first- or second-round stimulus check.

For example, they may have earned too much money when the IRS reviewed 2018 or 2019 tax returns to distribute the $1,200 check and the 2019 returns for the $600 check. Or, the payments might not account for a recently-born child. Or, if they didn’t file taxes before, they might have missed the Nov. 21 deadline to register payment information with the IRS.

All these people can seek the payment as a “Recovery Rebate Credit” when filing their 2020 returns.

To do that, the IRS says they ought to hold onto a form the agency sends out to recipients documenting the payments. There’s Notice 1444 for the first round of payments and there’s Notice 1444-B for the second one. These documents say the amount paid, how the amount was paid and how to report unreceived payments.

The IRS says it mails the notice to every recipient’s last known address within 15 days from the time it sends out the payment.

In the upcoming weeks, people who have created online accounts with the agency will be able to see the amounts they have been paid, the IRS said."
 
So you should have saved the letters but if not then you can check in your online account if you have one setup.
 
They mailed my wife a 2nd round stimulus check to her here in Australia. Except they left off the street address and used her maiden name to boot.

Amazingly the folks at the local post office looked up the name on Facebook and figured out where she was, and hand-delivered it!!!

I have no idea how the IRS screwed that up so badly. They already had the correct name and bank account info for e-deposit.

Also, no idea where mine is. Guess I'll resolve it on the 2020 return.
 
rodr said:
I have no idea how the IRS screwed that up so badly. They already had the correct name and bank account info for e-deposit.
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We got the first one as a direct deposit - the second one came as a pre-paid credit card. Apparently the IRS lost our direct deposit information between the 2 events...
 
IRS has still not processed 2019 return. I am told I’m ineligible for 2nd stimulus as a result. Calls to IRS have not gone through I’m trapped in a automated call loop. Any advice?
 
ThumperX said:
IRS has still not processed 2019 return. I am told I’m ineligible for 2nd stimulus as a result. Calls to IRS have not gone through I’m trapped in a automated call loop. Any advice?
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Claim the credit on your 2020 return? Sounds like you also filed on paper.

The IRS is basically broken.
 
Still waiting for IRS to process a 2019 1040X filed in February. The state managed to get it done in less than a month.
 
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