Stimulus Payment Amount Incorrect

Those earning more than that are eligible for a reduced payment.

Stimulus payment amount incorrect. Calculate the proper amount. The payment is 600 for each eligible adult and dependent for people earning up to 75 000 or 150 000 for married couples filing jointly. However if you feel your payment was for the wrong amount rigney recommends keeping any paper.

If you used a third party company to help you file your 2019 taxes and get a refund you may want to reach out to them. Maybe you got the right amount after all. Be aware however customer support phonelines currently have a long wait.

The irs and the treasury department began issuing the economic impact payments last week. The cares act signed into law at the end of march included one time payments of 1 200 for individuals who earn less than 75 000 annually 2 400 checks for couples who earn less than 150 0000. The government stimulus payments are tax free and will not count as income on your 2020 returns.

If you haven t claimed the dependent yet you won t get the extra 500 in your stimulus payment but the tax foundation says you can claim a 500 credit for the child on your 2020 taxes. If you are a single filer no children and earn 80 000 your check is reduced by 5 of 5 000 250. Your stimulus check is reduced by 5 of the amount over the phase out floor.

Then subtract five cents for every dollar that your agi exceeds the phase out threshold amount which is 75 000 for single filers 112 500 for head of household filers and 150 000 for joint. The irs said if you got the wrong amount you will be able to claim the additional amount when you file your 2020. Or say your income goes down this year.

If you suspect that your payment is wrong the first thing you should do is figure out what your stimulus check amount should be. Be aware that some people have reported their second stimulus payment like their first went to their tax preparer instead of their personal checking account.