IRS has delivered nearly 160 million economic impact payments worth more than $267B

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How to spend coronavirus stimulus check if you’re struggling financially

Financial expert Chris Hogan says as Americans begin to receive their coronavirus relief checks, we should be in ‘conserve mode’ and avoid ‘any unnecessary spending.’

The Trump administration on Wednesday said it had delivered economic impact checks to all eligible individuals for which it has the necessary information – but some Americans might still be dealing with payment-related challenges.

Some people have received checks that may not be for the correct amount, for example.

Check amounts are based on a variety of factors, including income, number of eligible children and tax-filing status.

Payments were based on either 2019 or 2020 tax returns, whichever was the most recent document the agency had on file.

If you did not receive the full amount of stimulus that you are entitled to under the CARES Act, the IRS said you will be able to claim the remainder of the cash when you file your 2020 return. That includes people who did not receive the $500 for eligible children.

If you have not received an economic impact payment but believe that you are eligible for one, it is likely that the IRS does not have your information on file. That could happen if you did not file tax returns last year or this year or are not typically required to file a return.

If you do not usually file a tax return, you have until Oct. 15 to use the IRS’ Non-Filers Tool to provide the agency with your information in order to receive your money. If you fill out the form by Oct. 15, you will receive your payment by the end of the year.

If you are required to file a return but have not done so this year or last, you can claim your economic impact payment when you file your 2020 return.

The IRS has delivered nearly 160 million economic impact payments worth more than $267 billion, including 120 million via direct deposit, 35 million by check and 4 million by prepaid debit card.

For assistance, individuals can call the IRS Economic Impact Payment line at 800-919-9835.

source article: https://www.foxbusiness.com/personal-finance/irs-stimulus-check-wrong-amount-heres-a-fix