Economic Impact Payment wasn't what you expected?

By
Education & Training with KLSM CPA Firm, PLLC

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.

Comments (3)

Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Krystin,

Thank you for this informative post on the Economic Impact Payment.  I am sure many will appreciate reading this. A

May 13, 2020 11:54 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Krystin, great information for your readers, and some of us won't see one.  

May 13, 2020 02:20 PM
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Krystin.

I've filed my claim, about two weeks ago, nothing happening yet.

May 14, 2020 02:26 AM