Government rebates.

[jimj]

Does the direct deposit bank account information get transmitted to IRS even if there is no refund or withdrawal set up on the tax return?

[Just-Lisa-Now-]

No, IRS wouldnt pick it up if there wasn't a reason for it.

IRS is supposed to be designing a portal to give them your DD info...just have to wait and see what the come up with.

[TaxGuyBill]

Interestingly, I haven't seen any guidance if the withdrawal bank information will be used or not.   Although it would seem logical that they would use it, the law itself only refers to using bank information for REFUNDS and government payments to the taxpayer.

[Just-Lisa-Now-]

And if they get SS direct deposited, but didnt include any DD info on a tax return will the stimulus still be direct deposited?

and what about those SS recipients that have AGI that phases out the stimulus money, will they get the full amount just because they get SS? or which database will IRS chose from for sending them the money?

[TaxGuyBill]

The way the law reads, if they have bank information for depositing money, they can use it.  So hypothetically they would use the SS bank account number if it is not on the tax return. 

Whether or not they actually do that or know, who knows.

The law says they look first to the tax returns to determining a payment.  If tax returns are not available, THEN they look to Social Security.  So if a tax return was filed with high income, that would reduce or eliminate the payment, even if they collect Social Security.

If the IRS is 'on the ball', when looking at Social Security for those who have NOT filed a tax return, they SHOULD also look at their other information to see if other income was received by that taxpayer. For example, if a taxpayer did NOT file a tax return and collects Social Security, the IRS would hopefully looks to see if they have any W-2s or whatever else (which means they SHOULD have filed) before they send out the Stimulus payment.  Again, whether or not the do that, we have no idea.  With as much as they are trying to hurry, they may not be doing that.

[Just-Lisa-Now-]

I guess we'll just have to wait to see what happens! 

I'm telling people they may or may not get it by direct deposit, and it should arrive before July, but no promises!  😄