What do you do if your stimulus check is wrong? Many Americans have already received their stimulus checks. If you haven’t, it’s not anything to worry about. If your stimulus check didn’t deposit into your account, the IRS will be mailing out paper checks and direct deposits in the next few months. If you’re trying to find out when you’ll get your check, use the Get My Payment tool.
Most people that have received their checks say they’re in the correct amount and didn’t have any issues. However, if your stimulus check is wrong and you need to fix it, here are some steps to take.
WAS YOUR STIMULUS CHECK NOT ENOUGH?
The people who got lower stimulus checks than they assumed are those who may have had a baby in 2020. You’ll still get $500 for your new dependent, but it won’t be until next year since the stimulus check is based on information from 2018 and 2019. According to the IRS, while you may not have received the money now, you can still claim your child on your 2020 taxes and will receive additional credit then.
If your check was less than expected because your income was higher than it’s expected to be in 2020, the difference in price will be given made up in your 2020 tax return.
If neither of these two things were the case for you, you’ll be getting a letter in the mail from the IRS soon. The letter should let you know how much money you received why. The letter will also contain contact information so you can get in touch with someone from the IRS about your questions and payments.
At this time, field offices are not open and the IRS is not taking calls from taxpayers. However, the information you need about reporting stimulus check issues will be in the confirmation letter that the IRS is sending you.
DID YOU GET TOO MUCH?
Some people have received their stimulus checks and the amount was more than they were expecting. This may happen if one of your children is turning 17 this year or your income will be higher in 2020 than it was in 2018 or 2019. the IRS says that if this is the case, no one is expected to return the money.
The IRS states that if you receive an overpayment, “there is no provision in the law requiring repayment of a payment.” They continue and explain, “you won’t be required to repay any payment when filing your 2020 tax return even if your qualifying child turns 17 in 2020 or your adjusted gross income increases.”
However, if you received a stimulus check for a deceased relative, we don’t know what will happen. It’s also unlikely that you’ll have to repay that money. The contact information you’ll be getting via a letter from the IRS will also help to provide clarification on receiving money for a deceased relative.