Have you received an Economic Impact Payment from the Coronavirus Aid, Relief, and Economic Security (CARES) Act? If so, was it what you excepted? Here are a few reasons why your payment might not have been what you were anticipating:
- You haven't filed your 2019 tax return - If you haven't filed your 2019 taxes, or the IRS hasn't processed your 2019 tax return, your Economic Impact Payment is based upon your 2018 tax return, which can exclude life changes from 2019, such as births or income changes.
- Your dependents aren't eligible for the additional $500 payments - If you claim an adult-dependent, such as a college student or an elderly parent, you won't receive an additional $500.
- You are a dependent - If you were claimed as a dependent, you are ineligible for an Economic Impact Payment.
- Garnishments by creditors - Once the Economic Impact Payment is deposited, it is subject to garnishments.