The Moneyist: ‘My mother claimed me as a dependent in 2019, but I was not aware of this.’ What can I do to claim my $1,200 stimulus check?

The Moneyist: ‘My mother claimed me as a dependent in 2019, but I was not aware of this.’ What can I do to claim my $1,200 stimulus check?

27 May    Finance News

Dear Moneyist,

My mother claimed me as a dependent in 2019, but I was not aware of this, I had a 2018 and 2019 annual gross income of zero. I was staying with her when she claimed me as a dependant. I am not upset with her. I understand that, at the time, it helped her and didn’t hurt me.

Now, however, it’s a different story. It has kept me from receiving a stimulus check. I filed the non-filer paperwork, and that’s how I discovered that I was being claimed, and that I was denied a stimulus. Is there anything I can do now, or in the future, to claim my $1,200 stimulus check?

Rob

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Dear Rob,

It sounds like you have a healthy relationship with your mother. That makes a nice change from many of the letters I’ve received over the years. Your payment is an advance on a 2020 tax credit, so you should indeed receive $1,200. Now, for the bad news: It won’t arrive until next year.

‘Your payment is effectively an advance on a 2020 tax credit, so you should receive a stimulus payment of up to $1,200. Now, for the bad news.’

Some 150 million stimulus checks have been sent, and millions more people are awaiting their money. The IRS will send $1,200 payments to individuals with adjusted gross annual income below $75,000, and $2,400 to married couples filing taxes jointly who earn under $150,000.

“In many instances, eligible taxpayers who received a smaller-than-expected economic impact payment may qualify to receive an additional amount early next year when they file their 2020 federal income tax return,” the IRS said.

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“EIPs are technically an advance payment of a new temporary tax credit that eligible taxpayers can claim on their 2020 return. Everyone should keep for their records the letter they receive by mail within a few weeks after their payment is issued,” it added.

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Having your bank details on file will help speed the plow for a payment next year. If the IRS does not have your bank-account information on file, it will likely take longer. Approximately 14 million Americans don’t have bank accounts or 6.5% of U.S. households.

There were glimmers of hope for U.S. workers who are endeavoring to make ends meet with their $1,200. The Democratic-run House of Representatives approved its HEROES Act, a $3 trillion coronavirus relief package, over a week ago, and analysts say it’s likely next month or later.

You can submit your bank-account and address information through the IRS tracking tool, “Get My Payment.” It should also tell you if the IRS needs more bank-account information. In the meantime, I hope you and your mother stay healthy, and safe.

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You can email The Moneyist with any financial and ethical questions related to coronavirus at qfottrell@marketwatch.com. Want to read more?Follow Quentin Fottrell on Twitterand read more of his columns here

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