Here’s what the IRS is saying about delayed stimulus payments - nj.com

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More than 160 million coronavirus stimulus payments totaling $270 billion were made through the end of June, the IRS said.

But that leaves millions of Americans still waiting for their payments, even as they anticipate a second stimulus payment in the weeks and months to come.

What about the first payments? Some could have to wait even longer.

The IRS will continue to issue payments based on the 2019 tax returns that were due on July 15, the agency said in an update on its website.

But this will only be for people who were not already deemed ineligible based on their 2018 tax returns.

“If the IRS has determined that a taxpayer was not eligible for a payment based on the taxpayer’s 2018 tax return, and then the taxpayer files a 2019 tax return that shows eligibility, the IRS will not issue a payment in 2020 based on the 2019 tax return,” it said.

Instead, you will have to wait to claim the amounts when you file your 2020 tax return.

Here’s how it will work on your 2020 tax return. The payments are actually a tax credit, which is a dollar-for-dollar reduction of the income tax you owe. The stimulus payment is a refundable tax credit for your 2020 tax return, so if you didn’t get a payment from this round of stimulus, you can claim the credit on your return.

If the IRS sent you a payment but you think it’s the wrong amount, you’ll also have to wait until you file your 2020 return, the IRS said.

“If an individual received a payment that is less than the full amount to which the individual is entitled, the individual will be able to claim an additional amount based on his or her 2020 tax return when the individual files it in 2021,” the IRS said.

This would include any missing $500 payments for each qualifying child.

The agency said in about two weeks after you receive your payment, you will receive “Notice 1444, Your Economic Impact Payment” in the mail.

It says you should keep the notice to help you claim the additional credits on your 2020 return if you are eligible.

To see how much of a benefit you should be eligible for from the first stimulus package, try our stimulus calculator.

If you’re looking ahead to a second stimulus payment, which is currently at a standstill, you can use our stimulus calculator, which is based on the current Senate and House proposals.

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Karin Price Mueller may be reached at KPriceMueller@NJAdvanceMedia.com.

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