Ask Terry Questions Getting underpayment on earlier stimulus check

Getting underpayment on earlier stimulus check

By Terry Savage on January 18, 2021 | Wild Card

Re your subject article in today`s paper. We have 2 questions. 1. Our 2019 income before tax was $128,000 and we were looking forward to receiving a Stimulus check for $1200. Today we received a Treasury Economic Impact Payment check for $955.00. Should`nt we have received a check for $1200?
2. If we should have received $1200, how or who do we contact to receive the correct amount due. Thanks for your assistance and looking forward to hearing from you.

Terry Says

At that point, the IRS might have looked at your 2018 return. But if you qualify based on 2020 income, then you can claim the amount of the underpayment on LIne 30 of your 2020 tax return. The forms will be out on Feb 12th,and the “refundable credit” will be sent to you by direct deposit in early March. So be sure to include direct deposit banking info on your 2020 return.

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