Stimulus cash is being sent to dead people. Their loved ones can probably keep it.

[babylonsister]

FUBARed.


Stimulus cash is being sent to dead people. Their loved ones can probably keep it.
"We don't want it. It's not who this stimulus was supposed to benefit," said one woman whose mother passed away.
April 17, 2020, 2:27 PM EDT / Updated April 17, 2020, 4:39 PM EDT
By Sahil Kapur and Josh Lederman


WASHINGTON — Jeanne Siracuse didn't know what to do when she got a notification this week that $1,200 had been deposited into her mother's account. Her mother died last August.

"Obviously, she does not need stimulus right now," Siracuse said by phone from her home in Northern Virginia. "It's not something she would have wanted to happen. She was very conservative and would not want to see that kind of waste."

Relatives of dead Americans all over the country are receiving coronavirus relief payments from the U.S. Treasury Department on behalf of the loved ones this week. Many are confused. Was it a mistake? Are they required to send it back? Some of them have already tried to. Either way, they can rest easy.

The U.S. government plans to allow heirs or spouses of dead people to keep the money, a source familiar with the matter said. A Treasury spokesperson declined to comment but said guidance on the matter is forthcoming.

more...

https://www.nbcnews.com/politics/politics-news/stimulus-cash-being-sent-dead-people-their-loved-ones-can-n1186446?fbclid=IwAR343WWFgtezpM5dWtzGyOeUNFRwYyz_tF8zVwyo-KM6vrcSxX7scdOM6dI

[fescuerescue]

1. That's the rub when it comes to rushing about 300,000,000 million checks

People die between the time the count was made and the time the checks are cut.

So it's a tradeoff between spending billions and weeks on verification and getting the checks out ASAP.

In any event, the estate is the recipient and it's no different than any other asset of the estate. The Executors job is wrap up the assets, payoff the debts and distribute anything left over to heairs.

[Windy City Charlie]

2. That's probably how it'll work

My guess is anyone that was alive at the time the stimulus bill was signed by Trump or whenever the checks started going out, but then died afterwards, will probably get to keep it and it'll go into that person's estate.

[babylonsister]

6. Yes but

this lady's mom died in August.

Jeanne Siracuse didn't know what to do when she got a notification this week that $1,200 had been deposited into her mother's account. Her mother died last August.

[Windy City Charlie]

7. I agree with that

I'm afraid there's going to be quite a few of these types of stories in regards to the stimulus payments. We've had this, and the $8 million that was deposited to the Indiana volunteer fireman; just to name a few

[Codeine]

3. My niece's fiance disappeared about a year ago.

He was into some shady shit, and we’re all convinced (well, not her, but. . .) he’s dead. He got a stimulus deposit in his acct and we all told her to keep it — she’s raising his child from a previous relationship and takes care of his little sister, so if anybody deserves it she does.

[Ms. Toad]

4. It's an advance tax credit - so the final tax return should account for it.

[former9thward]

5. The money is not taxed.

[Ms. Toad]

8. I didn't say it was.

I said it was an advance tax credit - it works essentially the same wasy as the earned income tax credits.

A tax credit is treated as money you paid in taxes, even though you never actually paid it. Most (like residential energy or electric car tax credits) are not refundable, so they can wipe out your tax bill at the end of the year - but they won't actually pay you the difference if your credit means you shoudl be entitled to a refund.

This one (like the earned income tax credits) is refundable. In addition, this one is automatically advanced to you now (unlike the advance earned income tax credit, which you have to have aske to be advanced during the year).

And - you may not even get to keep all of what they sent you. If your income in 2020 is higher than your 2019 (or 2018) income they are basing it on, when you tally up your taxes at the end of the year you may discover you were only entitled to part of the tax credit - in which case you may still owe taxes because your smaller credit will not cover all of the taxes you owe.