Monday, may 11, the internal revenue Service (IRS) announced that it has sent 130 million checks of Federal assistance, and that “more are on the way.” This writes Fortune.
Anyone who is still waiting for its check, can check the payment status on the portal Get My Payment.
Also, the IRS has outlined several reasons for which people expect a check for one amount, and get quite another.
What to do when check is not on that bag, what did you expect
The most common reason that the IRS was working on old information. This could happen because either you have not filed your return for the year 2019, you filed it, but it has not yet been processed when the IRS calculated your payment (in this case, the Department will default to use information from your tax return for the year 2018).
In this case, changes (such as higher or lower income, birth or adoption of a child) was not recorded. The IRS explains: “In many cases, taxpayers have the option to demand an additional amount in the tax Declaration 2020 that they will submit in 2021. This may include up to $500 for each child, which was not included in the payment of Federal assistance”.
Why didn’t I receive a child’s payment of $500
Another reason why the amount you received may be different than expected, may lie in the discrepancy of whether your claimed dependent is entitled to receive a check in the amount of $500. To receive a payment, taxpayers must have a child to live with him more than six months and provide at least half of its contents.
One more note: “Parents who are not married to each other and do not submit a joint return, can not simultaneously claim that their child was a dependent.” In addition, students usually are not entitled to an additional payment of $500.
Why financial aid has been reduced
The IRS explained that overdue child support can be deducted from the payment and foreclosure by creditors.
What can I do if the check amount is incorrect
The Agency recommends everyone keep a copy of the letter that they receive from the IRS (sent after receipt of payment).
“In many cases, taxpayers who received a lower-than-expected payment, can qualify to receive additional amounts in the beginning of next year when they will submit the Declaration for Federal income tax for the year 2020”, — stated in the message Department.
As previously wrote ForumDaily:
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