We got our 3 Stimulus Payments already. Then today we received another unexpected direct deposit from the IRS. Does anyone know what this could be?

[jennifer_lei1075]

Neither one of us received unemployment last year. We have 1 child who is 11.

[rjs · Accepted solution]

The IRS will send you a letter explaining the deposit. You might not get the letter for a few weeks.

Here are a couple of possibilities, but these are just guesses.

If the deposit is a small amount, and your income tax refund was delayed, it could be interest on the refund.

If you repaid excess Premium Tax Credit on your tax return, it could be a refund of that payment, because repayment of excess Premium Tax Credit is suspended for 2020.

[Critter-3]

If you got the third stimulus based off the 2019 information then you could have gotten a PLUS UP payment if you were eligible for more using the newly filed 2020 return.  

[jennifer_lei1075]

Thank you for that info. It was quite a bit, so maybe it was the latter.  I guess we will know for sure once we get the letter from the IRS.