Stimulus checks – If the IRS overpaid you Covid relief money, you might be able to keep the difference
THE IRS might have overpaid you in stimulus check money – and you may be able to keep it.
If you made less income in 2019 than in 2020 and the IRS calculated your check amount based on your 2019 tax data, then you can keep that difference, according to CNET.
But you will be expected to return the extra amount if you received money for someone who died or a dependent who someone else claims on their taxes, the outlet reported.
The IRS is also recalculating and sending “plus-up” adjustments – the missing stimulus amounts from the previous two checks – as a credit on your taxes this year.
This means you don’t have to wait until you file your tax return next year to claim the missing amounts.
Social Security Income (SSI) recipients should receive their third stimulus checks by Wednesday. Around four million checks are scheduled to be sent out with a total value exceeding 10billion.
The checks will be sent out to around 30million Social Security beneficiaries who are not required to file taxes.
News of the pay date was first shared by White House Press Secretary Jen Psaki in a news conference last week.
"[The IRS, working with the Social Security Administration, is] on track to send those payments out this weekend,” Psaki said. “The majority of people should see them in their bank accounts on Wednesday, April 7, which is obviously a very positive step forward.”
People began receiving their stimulus checks after President Joe Biden signed the Covid-19 relief bill into law on March 11.
Many people received their stimulus money as a direct deposit into their bank accounts.
However, if the Internal Revenue Service (IRS) doesn't have your banking information, you could receive the money as a check.
Like all US Treasury checks, you will have exactly one year to cash in the payment. Thankfully, if you miss this deadline, it's possible to get a replacement for a check that has expired.
You can ask for a payment trace if you think your stimulus check was destroyed, lost, or stolen.
Around 130million $1,400 checks – worth around $335billion – were sent out so far per the third stimulus round, the IRS said on Thursday.
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