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.
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.
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:
- Coronavirus Federal Payments will not be taxed.
- If the government does not have your direct bank account number, some will wait for mailed checks by September.
- According to the adopted package of financial assistance, there are categories of people who, despite the matching income level, will not receive assistance. Their list is here.
- The topic of government support is actively used by scammers. The schemes used by them and ways to protect themselves from them - link.
- April 15th IRS launches online tool, which will help you enter information about your account, track the payment and receive money as soon as possible. For details on how to use it, read here.
- After the start of payments, many reported that when checking the status of payment online, they found that the money was sent to Incorrect accounts, including dead.
- Most Americans will receive federal coronavirus government aid payments automatically, but there are several reasons why payment may be delayed.
- On April 27, it became known that the IRS improved the tool for tracking payments in connection with the coronavirus: what changed.
- What to do, if IRS Get My Payment tool sends error message: simple life hack.
- IRS installed deadline, to which users can enter their account details on their own on the website Get my payment to speed up federal aid for coronavirus.
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