What should I do if I think my coronavirus stimulus check amount is wrong?
- May 5, 2020
- Posted by: Huu Tri Nguyen
- Category: Economics, Finance, Tax & Accounting
The IRS has sent millions of Americans their coronavirus stimulus payments, but some are not getting the amounts they expected. What should you do if you think your coronavirus stimulus check amount is wrong?
What do I do if I receive too little?
The stimulus was an advance on a newly created refundable tax credit for the 2020 tax year. The IRS has stated that if you do not receive the full amount for which you believe you are entitled, you will be able to claim the additional amount on your 2020 tax return.
Those who don’t have a filing requirement and have a child (VA and SSI recipients) need to use the non-filers tool at IRS.gov to have the $500 added to their stimulus payment for their child.
What do I do if I receive too much?
If your tax situation changes in 2020, it’s unlikely the IRS will ask you to pay back a portion next year when you file taxes (there’s no section dedicated to this on their website).
However, it’s unclear what will happen if you receive a significantly larger amount. A volunteer firefighter in Indiana was supposed to receive $1,700 in stimulus money but ended up finding $8.2 million in his bank account. Sadly, the mistake was later corrected and the money was taken back.
If you received a stimulus check for someone who died, the IRS says you should give it back by sending a check payable to the U.S. Treasury. It’s not clear whether recipients are under any legal obligation to return the money.
How do I know if I received the wrong amount?
Single filers should receive $1,200 if they make under $75,000 and joint filers get $2,400 if they make under $150,000. Families get $500 additionally for each dependent child under the age of 16.
Then, your stimulus check is reduced by 5 percent of the amount you make over the phase-out floor. For example, a single filer making $80,000 should receive $950. The check would be reduced by 5 percent of $5,000, or $250.
Source: Fox News
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