# IRS launches online form to get coronavirus stimulus checks faster



## obermd (Mar 3, 2012)

Eddy Cruze said:


> It told me I didn't exist?


So that explains you. 

Actually, you only need to use this form if you haven't received social security or filed a federal tax return in the past two years (2018, 2019, and 2020). The IRS is sending the checks to the most recent banking account you've used for a tax return or social security check. If you haven't used a bank account for direct deposit or payment your check will be mailed to you. Paper checks probably won't be sent out until starting in May and will be sent in lowest income to highest income order.


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## Eddy Cruze (Jan 10, 2014)

I'm not sure if you write the IRS a Paper Check the IRS retains your Banking information? I do receive an OPM Pension. The form was supposed to update your Stimulus payment Banking info, and track your check. I just wanted to see how far I would get with the application, it didn't like my gross adjusted amount, neither do I


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## MP81 (Jul 20, 2015)

They're setting up a site for those who don't get a refund via direct deposit (like myself - I am old school and still mail it in and wait for a check - which is biting me in the ass this year because I have a sneaking suspicion the post office lost the tax return) and thus don't have their banking information. We wouldn't be getting a check until like...August.


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## Eddy Cruze (Jan 10, 2014)

MP81 said:


> They're setting up a site for those who don't get a refund via direct deposit (like myself - I am old school and still mail it in and wait for a check - which is biting me in the ass this year because I have a sneaking suspicion the post office lost the tax return) and thus don't have their banking information. We wouldn't be getting a check until like...August.


That is exactly right. I did not see what Mike is talking about


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## MP81 (Jul 20, 2015)

Yeah, that site should be set up sometime next week, I believe.






Economic impact payments: What you need to know | Internal Revenue Service


IR-2020-61, March 30, 2020 — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. Updated with new information for...




www.irs.gov


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## obermd (Mar 3, 2012)

Eddy Cruze said:


> That is exactly right. I did not see what Mike is talking about


I actually read the CARES act. This is where I got my information.


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## pandrad61 (Jul 8, 2015)

I just got the 1.200 today. Good timing too, I’m in medicine so working abundant however every penny the cheating government gives back to me the better.


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## snowwy66 (Nov 5, 2017)

You won't like it then when that cheating Gov't wants you figure that back in to your taxes. It's not free money. It's a loan.

I'm waiting for check in the mail. And now that idiot wants his signature on my check. Guess I'll have to wait longer.

I'm half tempted to call them and tell them to forget it. I don't need his signature. I don't plan on voting for him.


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## pandrad61 (Jul 8, 2015)

snowwy66 said:


> You won't like it then when that cheating Gov't wants you figure that back in to your taxes. It's not free money. It's a loan.
> 
> I'm waiting for check in the mail. And now that idiot wants his signature on my check. Guess I'll have to wait longer.
> 
> I'm half tempted to call them and tell them to forget it. I don't need his signature. I don't plan on voting for him.


Many have claimed it’s a loan and it’s not. I haven’t seen any credible sources backing up it’s a loan-taxable income either. If you have one I’ll be happy to look it over.


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## obermd (Mar 3, 2012)

snowwy66 said:


> You won't like it then when that cheating Gov't wants you figure that back in to your taxes. It's not free money. It's a loan.
> 
> I'm waiting for check in the mail. And now that idiot wants his signature on my check. Guess I'll have to wait longer.
> 
> I'm half tempted to call them and tell them to forget it. I don't need his signature. I don't plan on voting for him.


Nope, it's a refundable tax credit to be applied towards your 2020 return. The IRS is using your 2018 (or 2019 if no 2018 return) return to calculate the amount. If, when you file your 2020 return it turns out you were paid too much or too little based off the 2018 return you will need to make that adjustment. However, any money that you may owe back will not be used to calculate the $1,000 maximum you can owe without paying "underpayment" penalties. I have seen analysis saying that if you were paid too much you can keep that, but that wasn't the way I read the CARES act.


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## snowwy66 (Nov 5, 2017)

We'll see what happens when 2021 comes around.

I wouldn't plan on free money though.

Our deficit is the highest ever and still growing. Someone needs to pay it back.

I think it's figured in to 2021 taxes. Meaning 2022 when we file.


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## pandrad61 (Jul 8, 2015)

snowwy66 said:


> We'll see what happens when 2021 comes around.
> 
> I wouldn't plan on free money though.
> 
> ...


Millennials are so screwed. The millennial gen has lived through 1 depression, one recession possibly turning into depression, and world scale plague, previous generations left us a mountain of debt before we where even born, allowed crooked politicians to enact self serving laws, then have the nerve to call us lazy while many of us work hard and save money when we can.


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