Can she cash it? Sure. But the IRS has up to two years to request any overpayment.
GREENSBORO, NC – “I have too much money,” nobody ever said, did they? Just recently a viewer emailed me saying:
I received two stimulus checks for the same amount. checks for $ 1,400. No dependents and they came at different times. What should I do?
Interesting. $ 1,400 is the amount of the third stimulus payment.
It looks like one payment is correct, but the other $ 1,400? This does not ring true.
It could be an error or a check for overpayment of UI income or additional payments after she filed her taxes and the IRS found out she owed more than money due to unclaimed tax credits.
Calling the IRS and finding someone who can help you is next to impossible at this time. So what are you doing?
2 Wants To Know presented this to tax expert Ryan Dodson of Liberty Tax Services. He says:
Wait for a letter from the IRS explaining the payments. After each stimulus payment, you receive a letter.
If in a few weeks there is still no explanation, you can send it back to the IRS.
What if you cash the check? You can, but be aware that the IRS has two years to request a refund of any overpayment.
The third stimulus payment is an advance on a tax credit for the 2021 tax year. If you don’t receive the payment, you can still claim the tax credit next year.
Child Tax Credit Payments Begin July 15
Payments start in July and will continue each month until the end of the year. The IRS payday is the 15th, although there are two months that fall on a weekend, the IRS determines when payments will be released.
Parents receive money because it is an advance on the Child Tax Credit for the 2021 tax year. This credit allows families to get up to $ 3,600 for each child. under 6 years of age and $ 3,000 for each child aged 6 to 17.
Instead of waiting until next year to claim the tax credit, the government will send you some of the money up front. There will be six payments in total, which will add up to half of the total amount. The rest will be applied when you file taxes.
Taxpayers can expect payments on the 15th of each month between $ 250 and $ 300 per child