Income Taxes & Third Stimulus Check

Pecos

Pecos

Well-known Member
Location
Washington State
I finally got all of my data into TurboTax and am ready to send them into the Fed and the State.

There were a couple of areas that I need to give some insight to those who have not filed yet.
- At a certain point in my data entry, TurboTax asked if I had gotten a letter (Notice 1444-B) from the IRS advising me of the amount I would be receiving for the Third Economic Impact Payment.
- I looked everywhere for this letter and I did find one for the Second Impact Payment. Then Turbo Tax advised looking at bank statement to see if such a third payment were made. Again, I found the second.
- Further research using Google revealed that Congress had mandated that the IRS send out these payments by 31 Dec 2021. The IRS did not make that deadline and is now going to send out these funds when people file their 2021 Taxes. The fact that millions of Americans did not get this check and that the IRS is going to deal with it this way was not broadly publicized.
- In my view, it will be very easy for people to miss this when they file. It made a very big difference in the size of the refund I am getting. It is a "mine field" out there, be careful.

@OneEyedDiva
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Pecos said:
I finally got all of my data into TurboTax and am ready to send them into the Fed and the State.

There were a couple of areas that I need to give some insight to those who have not filed yet.
- At a certain point in my data entry, TurboTax asked if I had gotten a letter (Notice 1444-B) from the IRS advising me of the amount I would be receiving for the Third Economic Impact Payment.
- I looked everywhere for this letter and I did find one for the Second Impact Payment. Then Turbo Tax advised looking at bank statement to see if such a third payment were made. Again, I found the second.
- Further research using Google revealed that Congress had mandated that the IRS send out these payments by 31 Dec 2021. The IRS did not make that deadline and is now going to send out these funds when people file their 2021 Taxes. The fact that millions of Americans did not get this check and that the IRS is going to deal with it this way was not broadly publicized.
- In my view, it will be very easy for people to miss this when they file. It made a very big difference in the size of the refund I am getting. It is a "mine field" out there, be careful.

@OneEyedDiva
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Click to expand...
Thanks for the tip. I do our taxes.
 
I got the same somewhat confusing letter from IRS too. Thought what you've said might be the case. I didn't receive the 2nd Stimulus deposit till January of 2021, but IRS informed me that it counted as a 2020 disbursement. So i suspected what you've said.
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That puzzled me on my accountant's annual questionnaire.

I ended up sending him two letters for stimulus payments received, but I have no record of anything relating to a third payment.

I appreciate the information and am wondering how this will play out.
 
feywon said:
I got the some what confusing letter fro IRS too. Thought what you've said might be the case. I didn't receive the 2nd Stimulus deposit till January of 2021, but IRS informed me that it counted as a 2020 disbursement. So i suspected what you've said.
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I got the second payment in Feb 2021.
They sure could have done a better job of this.
 
Gaer said:
What stimulus check?
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You should have gotten the second one back in Jan or Feb of this year. It was supposed to have been deposited to the bank account used when you filed your 2020 taxes. But these things tend to get screwed up. You should also be eligible for the third stimulus funds when you file your 2021 taxes.
I fear that a lot of people might not get these two deposits.
First check your bank statements going all the way back to Jan 2021 to see if you got the second one. For most of us, those funds were sent directly to our bank accounts in Jan, Feb, or March. These funds are not taxable.
 
Pecos said:
I finally got all of my data into TurboTax and am ready to send them into the Fed and the State.

There were a couple of areas that I need to give some insight to those who have not filed yet.
- At a certain point in my data entry, TurboTax asked if I had gotten a letter (Notice 1444-B) from the IRS advising me of the amount I would be receiving for the Third Economic Impact Payment.
- I looked everywhere for this letter and I did find one for the Second Impact Payment. Then Turbo Tax advised looking at bank statement to see if such a third payment were made. Again, I found the second.
- Further research using Google revealed that Congress had mandated that the IRS send out these payments by 31 Dec 2021. The IRS did not make that deadline and is now going to send out these funds when people file their 2021 Taxes. The fact that millions of Americans did not get this check and that the IRS is going to deal with it this way was not broadly publicized.
- In my view, it will be very easy for people to miss this when they file. It made a very big difference in the size of the refund I am getting. It is a "mine field" out there, be careful.

@OneEyedDiva
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Click to expand...
I think that on Jan 4th 2021 we got $1,200 and on March 17th $2,800 deposited to ou checking account from the American Rescue Plan.

Does that sound right? Is it taxable?
 
I'm still confused.

I don't have my bank account on file with the IRS, as far as I know.

Last year I received a letter dated March 12 with a check for $600.00 and another letter dated April 29 from The White House with a check for $1,400.00.

I don't have a record of anything since then.

Should there be a third letter and check?
 
Aunt Bea said:
I'm still confused.

I don't have my bank account on file with the IRS, as far as I know.

Last year I received a letter dated March 12 with a check for $600.00 and another letter dated April 29 from The White House with a check for $1,400.00.

I don't have a record of anything since then.

Should there be a third letter and check?
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No Aunt Bea, I don't think you are due any more payments. I just checked my spreadsheet because I forgot whether I'd gotten a third stimulus, so good thing I keep those records. The $1.400 should have been your third payment if you received one for $1,200 in 2020.
 
I bought the downloadable version of H & R Block Tax Cut for the first time; I usually get the disk. I was pleasantly surprised at how smooth the installation went and so far, so good. I was hesitant to get the downloadable version because I had read in the past that it had some issues. Also for the firs time, I was able to transfer my basic information from last year's taxes. I used to upload the PDF (aka T20) to my digital secure storage, iDrive, then delete it from my hard drive. I finally decided not to do that for the 2020 taxes because that T20 is needed to be able to transfer the information into the new form.

Since I usually have to pay I'm in no rush to complete the taxes. I will do a little at a time. I just got my 1099 from the State of N.J., so I'll input that information today. I don't think my brokerage information will be ready until next week. I always use the standard deduction and any other figures needed are at my fingertips via the spreadsheet I keep throughout the year.
 
This might be helpful: https://www.pgpf.org/blog/2021/03/what-to-know-about-all-three-rounds-of-coronavirus-stimulus-checks



Round of PaymentAmount of PaymentMaximum Income to Receive PaymentBudgetary Cost (2020-2030)
First Round

(CARES Act)		$1,200 per adult

$500 per child		Single: $99,000

HOH: $136,500

Married: $198,000		$292 billion
Second Round

(Consolidated Appropriations Act)		$600 per adult

$600 per child		Single: $87,000

HOH: $124,500

Married: $174,000		$164 billion
Third Round

(American Rescue Plan)		$1,400 per adult

$1,400 per child		Single: $80,000

HOH: $120,000

Married: $160,000		$411 billion
 
Aunt Bea said:
I'm still confused.

I don't have my bank account on file with the IRS, as far as I know.

Last year I received a letter dated March 12 with a check for $600.00 and another letter dated April 29 from The White House with a check for $1,400.00.

I don't have a record of anything since then.

Should there be a third letter and check?
Click to expand...

“The IRS issued three Economic Impact Payments during the coronavirus pandemic for people who were eligible:
$1,200 in April 2020.
$600 in December 2020/January 2021.
$1,400 in March 2021.”

I went back and checked my deposits after reading this thread since for some reason i only remembered receiving 2 stimulus checks. Even so tho i knew i didn’t miss a check i had coming to me else i’d have been all over Unka Sam lol….happy to report i found all 3 deposits👍
 
OneEyedDiva said:
No Aunt Bea, I don't think you are due any more payments. I just checked my spreadsheet because I forgot whether I'd gotten a third stimulus, so good thing I keep those records. The $1.400 should have been your third payment if you received one for $1,200 in 2020.
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I believe this is correct. The IRS has certainly made this more complex that it should have been.
 
Lizzie00 said:
“The IRS issued three Economic Impact Payments during the coronavirus pandemic for people who were eligible:
$1,200 in April 2020.
$600 in December 2020/January 2021.
$1,400 in March 2021.”

I went back and checked my deposits after reading this thread since for some reason i only remembered receiving 2 stimulus checks. Even so tho i knew i didn’t miss a check i had coming to me else i’d have been all over Unka Sam lol….happy to report i found all 3 deposits👍
Click to expand...
I just got my 2021 taxes done today, while collecting up documents I came accross a letter to me, and one to my wife saying that that we were issued a 2021 Economic Impact Payment each, for the amount of $1400. I researched our bank deposits back to January 2021, but these payments were not made. <sigh>
 
Nathan said:
I just got my 2021 taxes done today, while collecting up documents I came accross a letter to me, and one to my wife saying that that we were issued a 2021 Economic Impact Payment each, for the amount of $1400. I researched our bank deposits back to January 2021, but these payments were not made. <sigh>
Click to expand...
Nathan, I'm sorry you didn't get your payment! Here are instructions for claiming that money.
https://www.nolo.com/legal-encyclop...imulus-check-or-its-for-the-wrong-amount.html
 
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