Stimulus payments

[linduca1216]

No surprise, but some clients don't know the amount(s), if any, of their stimulus payment(s) received.

Are folks entering zero for the first two or entering the full amount for the first two... In each case assuming the IRS will make the necessary correction(s)?

Thanks~

[qbteachmt]

Historically, when the tax year started, there are a bajillion topics for how to find out what they got. And for due diligence, you can help them or try it yourself. For instance, there is a web portal, for them to set up an online account to access their IRS account, which will show this info as part of the transcript.

I even have these macros...

Stimulus info can be found at these links:

https://www.irs.gov/payments/view-your-tax-account

https://www.irs.gov/coronavirus/economic-impact-payment-information-center

https://www.irs.gov/coronavirus/get-my-payment

https://www.irs.gov/coronavirus/second-eip-faqs

https://turbotax.intuit.com/stimulus-check/

https://ttlc.intuit.com/community/articles/community-news-announcements/second-stimulus-resources/05...

And: "The IRS said you can check the status of your second stimulus payment at IRS.gov/GetMyPayment (GMP).

If GMP reflects a direct deposit date and partial account information, then your payment is deposited there. If the payment was mailed, it may take up to three or four weeks to receive the payment. Watch your mail carefully and be sure not to throw out your payment.

If GMP shows “Payment Status #2 – Not Available,” then you will not receive a second stimulus check and instead you need to claim the Recovery Rebate Credit on your 2020 Tax Return."

Here's a link to the image for seeing the payment(s) as an account transcript image example, which you can get for them or they can get for themselves:

https://www.irsmind.com/irs-notices/irs-transcripts-now-provide-stimulus-payment-information/

Good luck.

And:

https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-a-eip-eligibility

https://www.irs.gov/coronavirus/second-eip-faqs#Eligibility

https://www.irs.gov/newsroom/irs-is-issuing-third-round-of-economic-impact-payments
https://www.irs.gov/coronavirus/third-economic-impact-payment
https://www.irs.gov/newsroom/more-economic-impact-payments-set-for-disbursement-in-coming-days-taxpa...
https://www.irs.gov/newsroom/more-details-about-the-third-round-of-economic-impact-payments


One for each of the three EIP “stimulus” payments.

And of course, ask them to bring their bank statements to you. A majority were paid by direct deposit; then, checks means they might have deposited them.

[IRonMaN]

Their memories are short and so is my patience.  When in doubt, I showed that they received the full payment.

[linduca1216]

With some of my folks getting bank statements, etc., is like pulling teeth.   The first two wouldn't have been so hard if they would still have been available on the website without establishing an account...

[linduca1216]

I was thinking of taking that route.   Erring on the side of caution.   If it is wrong, I assume (ha!) the IRS will make necessary adjustments...  And, perhaps if I show it all as received, the IRS would catch that as well.

                  L

[IRonMaN]

Keep the tooth extractor out since you are probably going to need it again next year for the 2021 stimulus payments plus the bonus of the advance child credit payments.  😢

[Just-Lisa-Now-]

Just tell them, if they cant find the exact amounts for you, then they can expect their refunds to be delayed for months and months while IRS corrects any math errors and matches things up...somehow most people can magically find these dollar amounts.

[BobKamman]

The problem is that if you claim they received them, there is nothing for IRS to check.  If you want IRS to check anything, claim zero -- those are the ones they are checking.  What I found was that most people received EIP#1 but many did not receive EIP#2.  Don't raise their expectations too high by claiming neither was received.  Or maybe claim all but $100 of each was received. 

[PATAX]

@IRonMaN I bet you if you loaned one of them five bucks 5 years ago they would remember that...