I wanted to share how my small oversight turned into a much larger problem. It all revolves around the timing of my family’s stimulus checks, and some inheritance from my late father in 2019.
“ Our third stimulus is once based again on our 2019 tax return instead of 2020. I got our new Economic Impact Payment card last week, and the amount on it is only $131.04, instead of $5,600. ” I should have listened. I thought it was a safe bet to leave it at $1,900 — not $1,911. There’s my mistake. We are due a tax refund of about $5,400 for 2020, because we made a sizeable donation to charity last year with some of my father’s inheritance. I filed our taxes well over a month ago, but it still only says “received” when I check the status. I think it’s because of my $11 mistake.
Here are the instructions from the IRS: “If there’s a mistake with the credit amount on Line 30 of the 1040 or 1040-SR, the IRS will calculate the correct amount, make the correction and continue processing the return. If a correction is needed, there may be a slight delay in processing the return and the IRS will send the taxpayer a letter or notice explaining any change.”
“Taxpayers who receive a notice saying the IRS changed the amount of their 2020 credit should read the notice,” the IRS adds. “Then they should review their 2020 tax return, the requirements and the work sheet in the Form 1040 and Form 1040-SR instructions.” You can also check here for additional information to explain what other mistakes may have occurred.
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