The IRS announced on February 16 that all checks for the first and second round of direct payments have already been issued. What can you do if you believe the amount you received for your Economic Impact Payment is incorrect?
According to the IRS website, all stimulus checks have already been sent, but some may still be on the way to taxpayers’ mailboxes. But, if you received your direct payments and did not get the amount of money you believe you are entitled to, there are some things you must bear in mind before claiming the difference.
To start with, the agency reminds taxpayers that payment amounts varied based on income, filing status, and family size. In order to check your eligibility, you must see the Eligibility section on the IRS page for more information.
If you filed a 2019 tax return, the IRS used the income, filing status, and qualifying children from that return to calculate the amount of the Economic Impact Payments issued to you. If things have changed during 2020 you can claim the missing money.
For the first payment only, if you didn’t file your 2019 tax return or it was not processed when the payment was issued, the IRS used the information from your 2018 tax return to calculate the amount of the payment issued to you. Again, if things have changed during 2020 you can claim the missing money.
If your 2019 tax return was not on file or was not processed when the IRS was issuing the second Economic Impact Payment, the legislation did not allow the agency to use the 2018 tax return, as it did for the first payment, to calculate the amount of the second payment. In this case, you must claim your missing payment.
If you did not file a tax return or use the Non-Filers tool prior to November 21, 2020, but you receive federal benefits, your payments were issued based on information we had on file from the Social Security Administration or the Department of Veteran Affairs.
If you did not receive any Economic Impact Payments or received less than the full amounts, you may be eligible to claim the Recovery Rebate Credit and must file a 2020 tax return to request it, even if you don’t usually file.