GREENSBORO, N.C. — “I got too much money,” said no one ever, right? Just recently a viewer emailed me saying:
I received two stimulus checks for the same amount. $1,400 checks. No dependents and they came at separate times. What should I do?
--Teresa
Interesting. $1,400 is the amount of the third stimulus payment.
It seems as if one payment is correct, but the other $1,400? That doesn't sound right.
It could be a mistake or it could be a check for overpayment of unemployment benefits income or it could be plus-up payments after she filed her taxes and the IRS figured out she was due more money due to unclaimed tax credits.
Calling the IRS and getting someone who can help you is virtually impossible at this time. So, what do you do?
2 Wants To Know took this to tax expert Ryan Dodson of Liberty Tax Services. He says:
Wait for a letter from the IRS explaining the payments. After every stimulus payment, you get a letter.
If in a couple of weeks there's still no explanation, you could mail it back to the IRS.
What if you cash the check? You can, but be aware the IRS has two years to request any overpayments to be paid back.
The third stimulus payment is an advance on a tax credit for the 2021 tax year. If you don't get the payment, you can always claim the tax credit next year.
Child Tax Credit Payments Begin July 15
The payments start in July and will continue every month until the end of the year. The IRS payday is the 15th, although there are two months where that falls on a weekend, the IRS is figuring out when the payments will post.
The parents are getting 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 old and $3,000 for each child 6 to 17 years old.
Instead of waiting until next year to claim the tax credit, the government is going to send you some of the money in advance. There will be six total payments, which will total up to half 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