Saturday, May 15

What should you do if you receive the third incomplete $ 1,400 stimulus check?


What should you do if you receive the third incomplete $ 1,400 stimulus check?

The form of payment of the third stimulus check may be different from the previous one.

Foto:
Chip Somodevilla / Getty Images

Some beneficiaries of the third stimulus check of $ 1,400 Incomplete disbursement of money could come to them from the Internal Revenue Service (IRS).

This can respond to different causes. One would be related to the tax return used to establish the amount of the payment. The agency may have used the proceeds reflected in the 2019 return and not the most recent one in 2020, which could lead to discrepancies and less money, not only for reimbursement, but for stimulus check.

Another reason could be a clerical error that left one of the dependents out of the home. Under the “American Rescue Plan” approved in the federal Congress and signed by President Joe Biden payments of $ 1,400 are established for each dependent in the family with no limit on the amount and regardless of the age of the person.

A third possibility is that part of the payment was garnished in error. In cases where there are private debts as part of civil lawsuits, the stimulus payment could be seized, according to a CNET report.

It should be noted that if you had a child in 2020, you can claim it as a dependent. Also, you can apply for the dependent credit if your baby is born this year.

The expectation is that before December 31st, date established by law for the IRS to complete the distribution of the third round, the agency provides people with tools to request payments due.

For example, for the first round, the agency enabled the “Non-filers” portal for eligible Americans who are not required to file low income taxes to submit their personal information in order to process payments.

As part of the second round, the office directed potential recipients who did not receive that full or previous stimulus check to request the undisbursed money through the “Refund Recovery Credit” on this year’s tax return. .

In the worst case, if the IRS does not offer alternatives by December 31, you will need to claim any credits due on stimulus checks on your tax return for the next year.

Key question: what is your income level?

Another issue to consider is whether you are indeed eligible for the full payment of $ 1,400.

It is important to rule out first that you did not receive the full payment because you did not meet the income eligibility requirements. Under the new income level guidelines approved in the federal Congress, payments are further targeted, and some Americans are left out of the payment-creditor population and others will receive a reduced check.

Here you can read about the new provisions related to income level and third stimulus check.

It is also important to keep in mind that this year, the IRS extended the date to file taxes to May 15, which would delay sending some payments if the agency decides to examine the most recent tax return or this tax season. .

It may interest you:


eldiariony.com

Leave a Reply

Your email address will not be published. Required fields are marked *