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Client called today and said he received a direct deposit to his checking account labeled IRS Treasury 310. He has already received his federal tax refund and the full amount of the 3 stimulus payments. He and his wife have no dependents. Any ideas what this is ?
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Have the client check the label again. There are other prefixes to that verbiage (IRS Treasury 310) such as FEMA or SBAD, they are each for different types of payments: FEMA, Small Business Loans, etc.
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Will do.
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First it's just "he," and then it's "he and hs wife." Have both received the full amounts ($1200, $600 and $1400)?
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Yes.
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And what was the amount of the check?
Was their 2019 AGI more than $150,000, and less than that in 2020?
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The deposit was in the $600. range. I don't remember the exact amount. AGI was under $40,000. both years.
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Do they receive Social Security? It might be a retroactive adjustment to their benefits, although I'm not sure the "IRS" designation would be attached to those. Did this happen today, or overnight? Social Security sends out a lot of money on Wednesdays.
Interesting that they called you before calling the bank. Maybe your office opens earlier.
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Did they have unemployment on the original return that did not exclude the $10,200?
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Why didn't I think of that?
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Although didn't IRS say they're not going to start on joint returns until after they do the unmarried ones first?
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I remembered that the IRS was supposed to start adjusting those starting this month because I have several clients that should be getting additional refunds.
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Client just now called. Said he got a letter today concerning the deposit. I will try to post back after I have read it. Thanks to everyone for the input. Mickey.
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I thought they weren't going to start until May.
Oh, that's right . . .
Well, Happy Cinco de Mayo🏜
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You can get the taxpayer to do the online tax account access, or to request their Tax account transcript. It is identified there.
Don't yell at us; we're volunteers
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I had a client call this morning said they received their refund earlier but had another deposit show up in their bank account today. It was from a return that was filed early on and the deposit just happened to agree with the the amount of the health insurance premium tax credit repayment. So evidently those refunds are being pushed out already.
Slava Ukraini!