If you fall into the camp of having received the wrong amount, there are some things you can do to fix the issue.
Here’s what to do if you received too little…
One of the issues people have been experiencing is not receiving the right amount for the $500 dependent credit. That’s because the information the stimulus check is based on is from your filing from 2018 or 2019 and if you have had a child in the time between, the amount you received is not going to reflect that. If you did have a child between now and the last time you filed, the IRS says you will receive the money next year.
According to the Tax Foundation, if you received too little because your income was higher in the year the IRS based your check off of then it was in 2020, you will get the difference when you file your taxes.
For other issues, you’ll have be a bit more proactive. The IRS is sending a confirmation letter in the mail (snail mail to be specific) within 15 days of people receiving their stimulus money. That letter will supposedly outline how to report any issues with payment. Keep in mind that the IRS isn’t responding to phone calls and its field offices have been closed, so trying to get in touch those ways is just not going to work.
Here’s what to do if you received too much…
File this under good problems to have, but some people have reported receiving too much in their check. For instance, say you made more money in 2020 than you did when you filed last, and your stimulus check reflects that.
In these cases, the IRS says you will not need to pay the money back. Per the agency: “There is no provision in the law requiring repayment of a payment. You won’t be required to repay any payment when filing your 2020 tax return even if your qualifying child turns 17 in 2020 or your adjusted gross income increases in 2020.″
If you received money for a deceased family member, it is still a little unclear as to what you should do. Use the information from the IRS letter to get some clarity, though tax experts think you won’t have to pay it back.
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