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Direct deposit of stimulus check-will this work?


jklcpa

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Client always has a balance due so IRS does not have banking information from any return.  If client wants direct deposit of the stimulus check, could the client set up a nominal 1st quarter estimate withdrawal authorization to be transmitted with the e-filing, and would the IRS use that banking information for the stimulus amount too?  Any other idea besides waiting for this "portal" that's supposed to be set up?

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That's an idea but I have several returns like this where the clients are elderly and have never used the internet. I was trying to come up with the easiest solution for all of these people and me at this point.  Plus, you know how many older people worry, worry, worry, especially when it comes to money.

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I seem to remember in some of the early information that I heard somewhere, that they would not use banking information that was used to pay taxes but only information for depositing refunds.  That may have been an unreliable source, early in the game before any official information came out.  Right now I am an unreliable source myself.  🤪

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1 hour ago, Lynn EA USTCP in Louisiana said:

https://home.treasury.gov/news/press-releases/sm966

Today Treasury so many changes announced those without a filing obligation, receiving SS or VA benefits have no need to file in Ryder to get the stimulus payment. 

This link doesn't work. There are so many changes happening,. links that worked this morning don't work later in the same day.

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18 minutes ago, cbslee said:

This link doesn't work. There are so many changes happening,. links that worked this morning don't work later in the same day.

 

Thanks for the heads up. I fixed the link in Lynn's post to go to the proper page, now found at "sm967". 

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11 hours ago, Lynn EA USTCP in Louisiana said:

https://home.treasury.gov/news/press-releases/sm967

 

Today Treasury Secretary announced those without a filing obligation, receiving SS or VA benefits have no need to file in Ryder to get the stimulus payment. 

Thank you, Lynn.  This is good news for those that don't need to file, but that leaves the question about my clients I was trying to help and other seniors that do file and whose 1040 always shows a balance due.  Will IRS look for the direct deposit information on file with SSA?

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