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Financial assistance in connection with the coronavirus: why the check may come for a smaller amount than you expected

On Monday, May 11, the Internal Revenue Service (IRS) announced that 130 million federal aid checks had already been sent out and that "more are on the way." Writes about it Fortune.

Photo: Shutterstock

Anyone who is still waiting for their check can check the payment status on the portal Get my payment.

The IRS also outlined several reasons why people expect a check for one amount, and get a completely different one.

What to do if the check came to the wrong bag that you expected

The most common reason is that the IRS was working on old information. This could happen because you either did not submit your declaration for 2019, or you submitted it, but it was not yet processed when the IRS calculated your payment (in this case, the agency will use the information from your declaration for 2018 by default )

In this case, changes (such as higher or lower income, birth or adoption of a child) were not recorded. The IRS explains: “In many cases, taxpayers are able to claim an additional amount in the 2020 tax return that they will file in 2021. This may include up to $ 500 for each child who was not included in federal assistance payments. ”

Why I didn’t receive a $ 500 baby payout

Another reason that the amount you received may be different from what you expected may be because of the fact that your claimed dependent is really entitled to receive a check in the amount of $ 500. To receive payment, the taxpayer must be related to the child, live with him for more than six months and provide at least half of his maintenance.

On the subject: Why you still have not received financial assistance in connection with coronavirus: 6 possible reasons

Another note: “Parents who are not married to each other and do not file a joint declaration cannot simultaneously demand that their child be a dependent.” In addition, students are usually not eligible for an additional payment of $ 500.

Why financial assistance has been reduced

The IRS explained that overdue alimony can be deducted from payment, as well as collection by lenders.

What can I do if the check amount is incorrect

The Office recommends that everyone keep a copy of the letter they receive from the IRS (sent after receiving payment).

"In many cases, taxpayers who receive less than expected payments may qualify for an additional amount early next year when they file their 2020 federal income tax return," the agency said.

As ForumDaily wrote earlier:

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