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Best answer by JohnnyS0329

These deposits are from the recent stimulus  package. $1200 per adult and $500 per child, dependent on level of income. 

77 replies

April 13, 2020

How accurate is this answer 

April 14, 2020

Accurate

April 14, 2020

I already received my normal tax refund and this one says 310 tax ref but isnt for for $3400. It was only $2179.25.  I don't know what to make of that. 

April 16, 2020

I got an odd amount also that doesn’t make much sense. It is very close to my refund amount I am due. The IRS website said stimulus deposit would be sent to the bank on April 15. Deposit was $4,859.29 which seems very odd amount for the stimulus.  

April 14, 2020

$2900 would be $2400 for marriage plus one child dependent for $500.

April 14, 2020

I only got $530? I can't figure out why unless it's my tax refund and they took some out for back taxes? Very confused.

VolvoGirl
Employee
April 14, 2020

Yes 310 is the description on the Stimulus Direct Deposit.  I got mine today  April 14.  I got less than the max.  It was exactly what I calculated I would get, right to the penny.  

April 14, 2020

Recently received a pending direct deposit of $1200. I understand this is the stimulus package being given out. However, I have no idea how this affects my Federal Tax return as it has been accepted but not yet paid out.

VolvoGirl
Employee
April 14, 2020

It shouldn't affect your tax return.  If your 2019 return hasn't been processed yet it may be based on your 2018 return.

April 14, 2020

According to the amounts listed we should have received $500 for each child and $1200 each. It appears we didn’t receive the $500 per child. Is it coming in more than one deposit?

April 14, 2020

I filed my taxes Mid March for 2019, I also had my second child in 2019.. We received ours and its only One child, so I am thinking they are basing off of 2018 either way. Confusing! We only received one child. So confusing!

April 14, 2020

I haven't done my taxes from 1819 what can I do

April 14, 2020

I need an answer I haven't done my taxes from 2018 and 2019 do I receive this check?

DanielV01
Employee
April 15, 2020

@Vizcardo Yes and No.  The stimulus payment is a "credit advance" based on next year's tax return, but it will not be taxable income.  You will not have to pay any of it back.

 

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ckoudsi617
April 16, 2020

By the "advance credit for 2020 assumption", I should think any inadvertent shortfall should be adjusted when we file taxes for 2020; however, my understanding is that if even you go over $75,000 income for 2020 you would not need to pay anything back.  It IS confusing! Stay safe everyone! 

April 14, 2020

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