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Yes
It is based on either your 2018 or 2019 AGI.
See this chart on how to calculate it.
https://www.irs.gov/pub/irs-utl/how_do_I_calculate_my_eip.pdf
I just chacked this am and got a deposit based on my 2018 tax return (since they idn;t have my 2019 filed I guess) but only got $106.90 dollars. What does this really mean?
Hello, LachilenaNinoska, I have the same issue.... Have you receive your federal tax return by now (it's May 17 today)? . I filed my federal tax in mid March by paper, but have not received the refund yet. On the other hand, I had Economic Impact payment deposited in Bank on April 15th. I am getting concerned if the refund process delayed (it's over 2 months) or IRS got confused with refund and Economic Impact payment, or my paper tax filling did not reach to IRS at all. (I received State tax refund on April 15, the same day of Economic Impact payment...). Appreciate it if you could share your current situation. Thank you
So which is it? A normal Tax refund or the stimulus check?
I also received my stimulus money, and have not filed my taxes yet, weird.
Hi chinop, if you haven't filled taxes for 2019 yet, they would use your 2018 return. I DID file for 2019, but they used my 2018 return anyway, apparently because I sent in a correction and they haven't processed it yet. :( Best wishes!
Hello everybody! Is that true that there is already a second round of payments? If yes, than how much it is per adult and per child?
@HeyEveryone wrote:
Hello everybody! Is that true that there is already a second round of payments? If yes, than how much it is per adult and per child?
No, it is Not true. The Congress has not passed anything yet concerning a second stimulus.
What do you do if the $1200 stimulus arrives for both you and your wife but not for your minor children?
@BobGoliath wrote:
What do you do if the $1200 stimulus arrives for both you and your wife but not for your minor children?
Go to this IRS website for information (Question 29) - https://www.irs.gov/coronavirus/economic-impact-payment-information-center
A29. Payment amounts vary based on income, filing status and family size. If you filed a 2019 tax return, the IRS used information from it about you, your spouse, your income, filing status and qualifying children to calculate the amount and issue your Payment. If you haven’t filed your 2019 return or it has not been processed yet, the IRS used the information from your 2018 return to calculate the amount and issue your Payment. The IRS is not able to correct or issue additional payments at this time and will provide further details on IRS.gov on the action people may need to take in the future.
If you did not receive the full amount to which you believe you are entitled, you will be able to claim the additional amount when you file your 2020 tax return. This is particularly important for individuals who may be entitled to the additional $500 per qualifying child payments. We encourage everyone to review our “How do I calculate my EIP Payment” question and answer (See question 21).
Keep the Notice 1444, Your Economic Impact Payment, you will receive regarding your Economic Stimulus Payment with your records. This notice will be mailed to each recipient’s last known address within a few weeks after the Payment is made. When you file your 2020 tax return next year, you can refer to Notice 1444 and claim additional credits on your 2020 tax return if you are eligible for them. The IRS will provide further details on IRS.gov on the action they may need to take.
I have a deposit in my account for 1135.85$. And it says IRS TREAS 310- TAX REF. Does anyone know what this could be? It is not my stimulus. And it is not a refund for 2019 because I owe money.
I am confused now as well... I just received a direct deposit from "IRS treas 310 tax ref" but i have already recieved my tax refund as well as my stimulas payment...it was only for $1.27 though...the 2nd round of stimulus payments hasn't even technically been approved yet...right? Thanks for any feedback guys!
I also got a deposit from irs treas 310 tax ref on my account for the amount of $5.74....but nothing I try to search for answers is giving me anything current except for the stimulus checks for the CARES act. I also recurved my tax return as well as my stimulus payment plus two kids. Not to mention I got a check from education board to return what I paid off on the remainder of my student loans shortly after I got my stimulus check. So I’m just as confused and curious. Maybe someone will know sooner rather than later??
Probably interest ... the IRS decided to pay interest from 4/15 for refunds that took too long ... if that is what it is you will get an IRS notice in January to remind you to put it on your tax return ... it is taxable income.
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