My stimulus check is wrong. What now?

[amedina101985]

Have you gotten an answer? 

[Clydewillis1987]

I have a family of 4 and only recieved 2900 instead of the 3400 as promised

[Clydewillis1987]

Thats what i mean!! Its wrong 

[NCperson]

@Clydewillis1987 - I'll assume both children are under 17 years old, right? 

it'll work itself out, and this is your worst case scenario: 

• The stimulus payments are really based on your 2020 tax return (income, dependents, etc).
• The IRS is using either 2018 or 2019 – whatever is available  - to ESTIMATE that payment
• When you file next year there will be a “settle up” section on the tax return. 
• If you are due more stimulus (and this would include where you simply never received it), you will receive it through the 2020 tax filing.
• If you received too much, by law, you are not required to return it

[mikemelaniehall]

@NCperson  April 17 today the last day to file for 2016 amendment? I figured out that I inputted my daughters bday wrong . I am getting ready to go to the post office.  I saw on some sites it said 3 yrs from the day I filed my taxes which was Feb 2016. I think i am gonna go ahead and send it off just in case. 

[Erinms614]

Yes both kids are under 17 

[fatpanda]

I filed both 2018 and 2019 tax return, but the stimulus check amount seems to be based on my 2018 return, when I had more income than 2019.  Does that mean that I have to wait a whole year before I can claim the amount difference on my 2020 tax return, or is there a mechanism to trigger a reevaluation?  It is ridiculous since I actually received my federal tax return a week before the stimulus check deposit, which means the IRS knew about my 2019 tax return.  The money is meant to help the situation bow not a year later.

[NCperson]

@fatpanda - given the speed this law was passed and the number of people who are still waiting on dollar 1, yes, waiting until 2020 tax return next spring is the method that the CARES act set up - it's the law. 

[green605]

Same Here

[Critter]

@fatpanda

I am confused by your comment ...  having less income is good ... having too much will get your stimulus check reduced or eliminated.  

[NCperson]

@Critter - for @fatpanda - not necessarily,,, I think this is what he is stating.

let's say my 2018 income (single) was $85,000.  

and my 2019 income (single) was $60,000

the IRS grabbed my 2018 tax return to calculate stimulus.  It get's reduced to $700 because I make more than $75,000

but the true stimulus payment is based on my 2020 income!!!

if my 2020 AGI turns out to be more than $85,000, I won't see any additional stimulus because IRS used my 2018 income (and I wished they had used 2019) to determine stimulus. Drat! Bad Timing! If I had known I would have waited to file until after the stimulus payment was received as i would have received then entire $1200 based on 2019 income! (even though my income is greater in 2020 than in 2018, which means my stimulus payment should have been even lower than $700, CARES ACT states i do not have to pay it back! )

If my 2020 AGI turns out to be less than $85,000, I'll get 5% of the delta income back to $75,000 and can ultimately get back the $500 I didn't get originally,  

and I suspect - and we don't know - the IRS used whatever they had on March 27 (date of the CARES ACT) so that folks like me wouldn't figure out how to game the system! 

[Critter]

@NCperson   Could have sworn I saw Less not More.  

[fatpanda]

@Critter , @NCperson  precisely described the situation I am in right now, with the part that my 2020 AGI is expected to be less than my 2019 AGI.  I filed my 2019 tax on 3/20.  The stimulus check should have been calculated with my 2019 AGI regardless.  The fact that my 2018 AGI was used is causing me to unnecessarily wait a full year before seeing the money I was promised by the CARES ACT.  

I just got a temporary reduction of salary and nobody knows if more cuts are coming.  $1200 could mean whether I have food on the table or not, and this is clearly a mistake not on my part.  I’m just frustrated that no process is currently in place to help people who are in similar situation. 

[NCperson]

@fatpanda 

while it is no consolation, the IRS was given authority under the CARES act at its discretion to use either 2018 or 2019 to ESTIMATE how much each of us were entitled to.  As my post points out, I would not be surprised if the IRS just used what it had on the day the CARES act was passed so people wouldn't game the system like i describe.

The law was set up to make it simple to get the money out to everyone quickly using existing technology knowing that the 2020 tax return would be used as the OFFICIAL method to calculate the stimulus. 

[Alibolandian]

I have 3 children and our income is under 75,000 and we received $2900.... not sure why but i m confident its wrong and had to be $3900.

anyone has any suggestions?