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Sunday, April 21, 2024

IRS addresses taxpayer stimulus concerns

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Stimulus relief known as the economic impact payment has been successfully sent to taxpayers for the last few weeks now, and even more payments are on their way. But as many taxpayers are awaiting their stimulus checks the IRS took a moment to address three common stimulus concerns that taxpayers want to resolve.


The IRS “Get My Payment” app says that my economic impact payment was sent to an account I don’t recognize. Why is that, and how do I get my payment?

If you had your taxes prepared professionally or prepared them yourself on a DIY tax site, you likely had the option to pay your tax prep or software fees through your refund versus paying them on the spot. Taxpayers have the ability to have fees removed from their refund, or apply for a tax refund advance or loan through using tax refund settlement products. Under-banked taxpayers don’t have to wait on the IRS to mail a check and can also use refund settlement products to have their refunds deposited to a prepaid debit card or pick up a check from their tax preparer more promptly. When using these products, a temporary account is created for the taxpayer by the tax product bank and the refund goes to that account first, then out for disbursement. If you used one of these services, that’s likely the account and routing number you see in the IRS “Get My Payment” app.

According to the IRS, if your stimulus payment is sent to one of these accounts, it will be sent back to the IRS and then sent to the taxpayer in the mail.


Why am I receiving an error message when entering my personal information or tax information?

When entering information, some taxpayers are receiving error messages about their personal info. It’s possible that this is simply from taxpayer error or an information mismatch. First double check the information you are entering, make sure that your input is correct. Consider the address is formatted on the return or enter your address how its formatted by the United States Postal Service. Be sure to match the information you’re entering to that of your last tax return. Enter your Adjusted Gross Income (AGI), Refund Amount or Amount Owed directly from your form 1040 or tax transcript. If for some reason it doesn’t accept the 2019 tax return info, try your 2018 tax return instead.


I didn’t receive the correct economic impact payment amount. What can I do now?

Errors in the amount you were paid doesn’t mean it’s all said and done. Taxpayers who didn’t receive the amount they were entitled to will be able to claim the difference when they file their 2020 tax return next tax season. If they were overpaid based on their return, they also won’t be required to pay it back when they file next year. According to the IRS, those who qualified for a lesser payment amount or didn’t qualify at all based on their 2018 or 2019 tax return may receive the full payment if they qualify for the 2020 tax year. Taxpayers see the difference on their 2020 tax return.

Retirement and Disability beneficiaries who weren’t required to file for 2018 or 2019 were able to receive their payments automatically but had to enter dependent information in the “Non-filers-Enter payment Here” tool to get the $500 additional payment for their dependents. This information had to be entered before the “$500 Push” deadlines corresponding with beneficiary type. If they didn’t enter the information wasn’t entered in time, they may still qualify to get the payment later.

For more information about your stimulus payment also known as the economic impact payment and COVID-19 tax news visit IRS.gov/Coronavirus

For frequently asked questions on the IRS apps visit the Get My Payment FAQ at IRS.gov/getmypaymentfaq or the “Non-filers-Enter Your Payment Here” FAQ at IRS.gov/eipfaq

Brittany Sabalza, enrolled agent, is director of continuing education for Pro Tax Solutions Indianapolis and a tax columnist.

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