I read that they will not use bank info provided to the IRS for making payments. Only info provided for refunds.
@thumper1 we’ve seen it on various webinars on the cares act. Any documents I have from the webinars are copyrighted but they summarize what is written into the tax code for the recovery rebate credit - IRC 6428.
The money we are receiving now is an advance refund of a 2020 refundable credit. When you file your 2020 return the credit will be calculated based on 2020 information and will be reduced by the advance refund already but not below zero. Basically if you got less than you were entitled to based on 2020 income you’ll get the rest when you file 2020. If you got more than you are entitled to based on 2020 income you get to keep it.
Now if there were just a webinar or IRC code to explain the stupid get my rebate site…
Pretty good article explaining what the process is.
https://www.cnn.com/2020/04/16/politics/why-didnt-i-get-my-stimulus-money/index.html
@emilybee except it does not explain how to get past the stupid insufficient information message on that rubbish site. The whole point of the site was so people could go in and enter their DD info. It’s really ticking me off on a personal level!! Then we have clients who are having the same issue and we can do nothing to help. Grr.
That makes sense. For refunds, they already have it setup to pay. All they have to do is enter the payment. If anyone made payment to IRS from their bank, IRS may have info but it I not set up tossed money out. If they are trying to get the money out fast, they will start with what is already set up. Maybe they will be included in the second wave. I doubt IRS is keen on writing checks. It is far more work.
I saw a few posts back talk about the potential of unemployment with work study. Does anyone think that could be a reality? Both of my kids had work study jobs cut short. We would like to ask the university that question but not if it seems completely unlikely.
The Department of Ed has authorized colleges to pay all workstudy students the amount they would have normally received had they been on campus. Students where I work are still receiving their pay.
Maybe it has to do with which wave you are in? Just a speculation but one not might be in the system yet.
Or the site has glitches.
The stimulus amount is not taxable income. Unemployment IS taxable income and rarely is any tax withheld so it can be a nasty surprise next spring.
4th day in a row of getting “Payment Status Not Available”. At least I know the IRS has our correct address.
If it is true that the IRS can’t use the bank information we provided to pay taxes to issue the relief check, then why isn’t there a way for us to enter the information again so they can? Super frustrating. One D has received the funds. Another has not and she did get a refund by direct deposit in 2018. It’s all a mess imho.
My middle kid managed to enter his bank information.
Both my D’s are getting payment status not available. One could really use the money.
I’ve tried every day since they went live. Still no go.
@my3girls It’s going to be a mess for a long time! I dread next tax season. The IRS may send a 1099 with how much stimulus was received. If they don’t, most people won’t remember the correct amount. Then, the net credit on the 2020 return will be wrong. Then, all those people will receive notices. A huge non-billable time suck and frustrated clients 
The IRS and state departments of revenue will be a mess for 18-24 months, my guess.
Good point. I seem to remember during one of the previous meltdowns they made unemployment partially non taxable for a brief period. Am I remembering wrong?
@my3girls the kid who got a refund a 2018 but no stimulus yet… Did they file 2019 and what was the status for that? If they filed in 2019 that’s the info the IRS will use. Our secretary’s D and spouse for a refund both years and had DD for 2018, but for some odd reason they had their 2019 refund sent by check to their new home. No timely DD stimulus $$. They were able to enter the bank info on the website Wednesday morning shortly after 8am.
Thanks on the information that unemployment is taxable. I’m wondering about the $600 that the federal government is adding to state unemployment. That I assume is taxable also?
@shellfell How do you know the IRS has your correct address? I only ask as I tried the site with an old address just to see if I would get a different response. Unfortunately, I still received the Payment status not available. I even tried with a different birthday just for the fun of it; same reply.
The address they have should be the one on your most recent return. Having said that, last year I signed up for online transcripts and entering the address as it was on my previous return did not work. I had to tweak it a bit - change South to S and road to Rd - things like that. (Tried that on the where’s my rebate and it did not work)