In case you haven’t been paying attention, the $600 stimulus payments that were approved late last year haven’t been delivered without their fair share of issues. First of all, we should note how it’s good news how quickly the Treasury Department began dispersing the checks after the stimulus bill was signed into law by President Trump. With tens of millions of Americans in dire need of that money, acting swiftly was the right move.
However, issues in delivery have been well documented. Perhaps the most egregious were reports that the IRS accidentally sent stimulus payments to the incorrect bank accounts of many consumers. Specifically, rather than sending them to the consumers themselves, many were sent to the tax preparers – TurboTax and H&R Block – that filed consumers’ 2019 income taxes. That error has been reportedly fixed, which is good news.
But what if you received your stimulus check and it wasn’t the amount that you were expecting? There’s a process in place where you can recoup any additional funds you were entitled to, however, the IRS recommends that you wait to claim it until you file your 2020 taxes. Let’s take a look at the steps to take to snag a rebate credit on stimulus dollars you didn’t receive.
First, you’ll want to make sure that you are indeed entitled to more stimulus funds. This round of stimulus checks worked similarly to the payout from last spring in that those with an annual gross income of $75,000 or less – or joint gross income of $150,000 – were entitled to the full amount. The checks are based on 2019 income, however, if you’ve had a child since then or experienced a change in income within this time, then you may be eligible for the rebate.
So what can you do to prove your eligibility? If you’ve had a child, providing his/her social security number and birth certificate should be enough to prove you’re eligible for the rebate credit on your taxes. You can also prove your 2020 income based on the earnings that you report. However, if you were shorted on your stimulus payment, things may get a bit trickier. You may recall receiving Notice 1444 last spring from the Treasury Department, which detailed how much you were entitled to. If you kept it, that should be enough proof to receive a rebate credit. If you did not, go through your bank account to find the sum that was deposited.
While it may be frustrating to wait to receive any additional funds until you file your taxes, keep in mind that you’ll receive a rebate credit after you do. This essentially means that your refund will get larger by whatever amount you were shorted or what you owe will decrease by this amount.