What to Do if Your Stimulus Payment Was the Wrong Amount
Let’s face it. There are bound to be errors in the payout of a multi-trillion-dollar stimulus package. If your stimulus payment was the wrong amount, what should you do? With phone systems overloaded and no response to email inquiries, it can seem like there’s nowhere to turn. However, rest assured that you will receive the rest; the question is when.
Taxpayers are reporting errors on their stimulus payments across the country. While many people haven’t received their payments at all, others have received more than they expected. If you’re one of the latter, rejoice! You probably won’t have to pay it back.
According to Forbes, “If your stimulus payment was higher than expected, then you won the stimulus lottery, as the IRS has said that in most cases it will not require Americans to return the [extra] money.” As for those who received a lower payment than they expected, the remedy isn’t quite as exciting.
What if My Stimulus Payment was the Wrong Amount?
As Forbes points out, the Internal Revenue Service (IRS) regularly updates their “Frequently Asked Questions” page. Recently they added a question to address incorrect stimulus payment amounts. It asks what to do if the payment is too low. The answer explains that “you will be able to claim the additional amount when you file your 2020 tax return.”
At the present time, it appears waiting until 2021 is your only option. The IRS is over-burdened by Covid-19. They’re not performing customer service operations. In fact, their website blatantly states, “Please DO NOT call the IRS.”
In turn, the IRS will not contact you and ask for personal information during these times. If someone contacts you by phone, text or email claiming to be from the IRS, be cautious. The person contacting you is likely attempting to scam whoever they reach.
Did You File Your Tax Return?
If you haven’t gotten your stimulus payment at all, it may be because you haven’t filed your tax returns for a while. If you haven’t filed your returns for two years or more, the IRS recommends that you file 2019. Once they process the return, they’ll process your stimulus payment.
Filing a tax return commonly triggers a response from the IRS on other years with unfiled returns. With the customer service department closed temporarily, it’s likely this process will be delayed. However, it’s prudent to catch up all unfiled years, if possible.
Once you file your returns, it takes time to process them. The IRS will need to process it before sending your stimulus payment. The good news is whether you owe tax after filing or not, you’re entitled to receiving the stimulus payment.
If you think your stimulus payment hasn’t come because you have recent unfiled returns, contact us. We have over 35 years of experience with unfiled tax returns. We prepare every return completely and accurately to make sure you receive every benefit you’re entitled to. If you end up owing the IRS, we’ll negotiate an affordable payment arrangement. Call now.