Two questions about an excessive number of stimulation tests:
I am confused. My grandparents confessed to me about their 2019 taxes as a dependent. They got me a third stimulus check. When the third stimulus test was released, my grandparents still hadn’t paid taxes in 2020, so they got me stimulus money as their dependents.
However, I have paid my own 2020 taxes and I am no longer dependent on them. The Internal Revenue Service sent me a third stimulus check as well. Who should notify the IRS of this overpayment, and how? I can’t seem to find a script to address this problem.
I need clarification because from what I’ve read we will receive a stimulus payout for our grown dependents. She is currently on Social Security and we are declaring her a dependent. We support her needs year round and she lives with us.
She started getting Social Security Disability Insurance in December 2020. We didn’t get any stimulus payments for her first two rounds, but I know it is. precisely because dependent age guidelines have changed during the most recent round of payments.
However, she also gets $ 1,400 in her bank account where her SSI is deposited in. Should she get a payment? Should we? We haven’t filed a 2020 tax return and I plan to declare her a dependent.
I think this is a duplicate payment and should be returned to the IRS. I can’t find any to-do information, or if it’s correct, taxpayers and dependent adults will get a stimulus check. So again, I assume the IRS paid her wrongly.
You can email The Moneyist if you have any financial and ethical questions regarding coronavirus at [email protected]
Dear niece and mother,
The Moneyist columnist has received many letters about this issue. The $ 1,400 stimulus payment is not a loan. This third stimulus test is an advanced tax credit for your 2021 and taxes calculated based on your 2020 taxes. You both need to decide which checks are sent by mistake.
Mom, you should consult your daughter before declaring her a dependent to make sure you are both on the same page. Granddaughter, you should let your grandparents know your own tax payment plan, and in that case, they should pay you back.
You both get too many checks because people claiming adults as tax dependents for 2020, so the IRS used previous tax filings as a guide. Obviously, you cannot be claimed as a dependent and file your taxes on your own and expect to be paid. It is this or that.
According to H&R Block, you can receive a letter (CP87A) from the IRS indicating that your dependents were requested in another tax return. “It will tell you that if you make a mistake, submit a revised return, and if you don’t make a mistake, don’t do anything. “
“Another person has stated that the dependents will get the same letter,” adds H&R Block. “If either person does not file a revised tax return removing child-related benefits, then the IRS will check on you and / or the other person to determine who can claim the dependents.”
You can pay money back by check or money order with your Social Security number or the recipient’s taxpayer ID, paid to the “US Treasury”. Those who have received paper checks and do not cash out may write “void” on the back of the check and return it to the IRS. Read more here.
Individuals earning less than $ 75,000 a year in adjusted gross income will receive $ 1,400. Gradual down payments for individuals earning $ 75,000 or more – and complete elimination for those earning $ 80,000 or more, and couples earning $ 160,000 or more in adjusted gross income.
Issuing payments is not a straight line. A man told me he was “punished” by the government for being held accountable because he paid taxes early – and only received $ 200. Some taxpayers said they had received the stimulus tests for loved ones are dead.
group where we look for answers to life’s toughest money problems. Readers write to me with all kinds of dilemmas. Post your question, tell me what you’d like to know more or consider on the latest Moneyist columns.
By submitting your story to Dow Jones & Company, the publisher of MarketWatch, you understand and agree that we may use your story or versions of it, across all media and platforms. platform, including through third parties.