topic Stimulus payments in Deductions & credits

Stimulus payments

macos08 — Wed, 21 Jul 2021 23:29:30 GMT

I was curious about stimulus checks. Altogether, I've received 4. The first was April 2020. The 3 others have occurred this year. One in January, March, and April. I'm just wondering if I may have gotten the last in April by error. Some people I've spoken to only got 3 total and just wanted to know if I may have gotten 1 too many and if I need to report it, how? Don't want it to affect my next year's tax return.

Re: Stimulus payments

tsmeadow — Wed, 21 Jul 2021 23:35:26 GMT

Hello @macos08

Just to clarify, do you file single or married filing joint? Do you have any dependents? Did you have unemployment income during 2020? What were the amounts for each of the 4 payments?

Thanks

Re: Stimulus payments

macos08 — Wed, 21 Jul 2021 23:38:37 GMT

I file single and only this tax return did I claim a dependent. The first payment which was last year was $1200, second was $600, the third was $1800, and lastly $1400 on the 4th payment. The last three have been in 2021

Re: Stimulus payments

tsmeadow — Wed, 21 Jul 2021 23:58:37 GMT

Hello @macos08,

You claimed a dependent on your 2020 return? If so, did you receive a Recovery Rebate Credit for the dependent on your 2020 return? You can check by looking at your 2020 Form 1040, line 30.

The first two payments of $1,200 and $600 are correct. Since you were single and did not claim a dependent on your 2019 return, then you should have received those two amounts. If the dependent that was claimed on the 2020 return was born during 2020, then you should have received $500 for the first stimulus and $600 for the second stimulus as a credit on your 2020 return.

The third payment of $1,800 is a little confusing. My best guess is that this is your third stimulus payment of $1,400 plus an additional $400 for the dependent (possibly the $400 amount was left off your 2020 filed return?). The final $1,400 payment is most likely the 3rd stimulus payment for the dependent claimed on the 2020 return.

Regarding paying back any stimulus overpayment, the IRS explains "If you believe you received more than one first Economic Impact Payment (EIP) make sure that one is not:

Your tax year 2019 tax refund or an interest payment on a tax refund. Check the refund amount on your Form 1040 or 1040-SR for tax year 2019.
Your unemployment compensation payment. Some states are issuing back payments in a single check or direct deposit.
A payment for someone else in your household. For example, you may have a family member who receives federal benefits or has an adult child who shares your name or bank account may have received their own first Economic Impact Payment.
A catch-up first Economic Impact Payment for a qualifying child or injured spouse.
A second Economic Impact Payment.

The IRS mailed a Notice 1444 to each individual who received the first Economic Impact Payment. The notice includes the recipient’s name and the amount received.

If, after checking the items above, you believe you received a payment in error, return one of the payments using the instructions in the FAQs about returning an Economic Impact Payment."

Link: https://www.irs.gov/newsroom/questions-and-answers-about-the-first-economic-impact-payment-topic-d-receiving-my-payment

I would recommend checking Notice 1444 that the IRS sent out regarding Stimulus payments. This notice should have a breakdown of the amount of stimulus payments you received. If your recovery rebate credit on your 2020 return is $1,100, then you should only have received an additional $1,400 for the dependent.

Re: Stimulus payments

tsmeadow — Thu, 22 Jul 2021 00:04:57 GMT

Hello @macos08

You could also check the third stimulus status/information using the Get My Payment tool at the link below.

Link: https://www.irs.gov/coronavirus/economic-impact-payment-information-center

This may shed some light on the $1,800 payment.

Re: Stimulus payments

VolvoGirl — Thu, 22 Jul 2021 00:14:14 GMT

What about your 2020 tax return? Did you file it and have a refund? How much? Did you get the 2020 refund?

Did you have an amount on your 1040 line 30 for the Recovery Rebate Credit? If you claimed a dependent there should have been $1,100 on line 30. 500 for the first round and 600 for the second round.

That 1,800 3rd one sounds funny. It is the same amount of the first 2 rounds (1200+600).