So I am assuming the stimulus payment...

[ailsagirl]

will be based on 2019 and not 2020? If so, that makes no sense because the pandemic began in 2020 and 2020 was the year when we were hit by huge job loss.

I tried Googling it but without success.

Anyone?

[PoindexterOglethorpe]

1. I received a letter today from the IRS, telling me

that my second Economic Impact Payment, of $600.00, was issued to me by direct deposit, which I got back in December, and that it was based on information from my 2019 tax return.

It also includes a warning that the IRS won't call me for personal or bank account information.

You may be asking about the forthcoming stimulus payment, and I don't know what year it will be based on.

That was probably no help at all.

[dsc]

2. I am assuming it will work like the previous ones

based on 2019 info but if your circumstance changed then you can file for the money based on your 2020 income but they won't claw back. So to use a single person as an example. In 2019 you made 50k, you get all the checks yeah you. That is regardless of what you made in 2020. In 2019, you made 150k, you don't get the check but in 2020 you made only 50k then you file your income taxes, point that out, and you get the amounts of the checks added to your taxes paid and your refund goes up by that amount.

[jimfields33]

3. I can see why they wouldn't use 2020

First not due until April 15th. Then a good segment ask for an extension til October . So unless they want to wait until May 1st where at least a good chunk are processed. They will go with 2019.

[OneGrassRoot]

4. I hope that, for those of us who filed 2020's return, they use that...

There are quite a few people in my position that the claiming of child dependents is a huge issue. Not claimed in 2019 but claimed in 2020 and we need to make sure we get the child-related funds and not deadbeat parents who weren't involved at all in 2020.

[GulfCoast66]

5. Well, they don't have the 2020 filings yet so don't see how they can use them.

I agree it would be better. But unless we wait till May there is no way to be sure.

Personally I’m agnostic about the payments. I think doing the $600 unemployment would help more people and the economy. I’m fine with the payments and the fact the wife and I won’t get it.

[ailsagirl]

6. Thanks, guys

I will probably get nothing. On Dec 30th 2020, I received $1.65. 😐