Stimulus Not Same for All

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Stimulus Not Same for All

(FinancialHealth.net) – The CARES Act allows most Americans to receive stimulus payments, but the rollout has been a bit rocky. Some people haven’t received checks; in other cases deceased people are getting the money. Now, certain groups aren’t getting what they think they’re owed, and the government is explaining why.

Here’s why your stimulus payment may have been less than you expected:

  • Your children were over 17, someone else claimed them as dependents or their immigration status prohibited them from receiving the $500 each allocated by the CARES Act.
  • The IRS hasn’t processed your 2019 tax return, and your income or dependents are different than they were in 2018.
  • You owe child support.
  • Private debt collectors, like your bank, took money from the deposit to pay off debt.

If the IRS owes you more money than what you received, it’s likely you won’t see the rest until 2021. You can request the additional amount on your 2020 tax return.

Obviously, the glitches in the payment rollout are aggravating if you need the money. President Donald Trump’s administration is trying its best to get everyone their checks as quickly as possible. And if they make a mistake, you will still get the cash; it just may be later than expected.

~Here’s to Your Financial Health!

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