Received a Lower than expected Economic Impact Payment?

Published: 5/20/2020 1:55:48 PM


Why did I receive a lower than expected Economic Impact Payment?

Here are some reasons as to why:

  1. You did not file your 2019 tax return, and you payment was based on the 2018 return.
  2. You filed your 2019 tax return in March or April 2020, and the IRS has not finished processing the 2019 return.
  3. Your qualifying child is not under the age of 17. For purposes of the payment, the child’s age is how old they are at the end of the year for the tax return on which the IRS bases the payment amount. If a dependent is 17 or older, they don’t qualify for the additional $500. This includes a parent or other relative, and college students.
  4. The Economic Impact Payment was offset by past-due child support. While this is the only offset that can affect the payment amount, federal law allows creditors to garnish a payment once it’s deposited into a bank account.

For many taxpayers who received a smaller than expected payment, you may qualify for an additional amount when filing your 2020 tax return next year.